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Earnings of Popular Inc. (BPOP) are expected to slightly decline in 2020 as a normal increase in non-interest expense undermines loan growth. Further pressure is expected from the high sensitivity of BPOP's net interest margin to interest rate movement. BPOP's equity is expected to take a substantial hit from the implementation of CECL in the first quarter of 2020. Due to the significant erosion in equity book value, my estimated one-year ahead target price arrives at only $55.2, which is 5.5% below BPOP's current market price. As a result, I believe it is