Doral Financial downgraded to Neutral from Buy at B. Riley B. Riley expects Doral to report a Q3 loss of 28c vs. expectations of break-even when it reports on tomorrow. Price target lowered to $1 from $2.
Doral Financial says Hacienda has put forth no evidence Following the trial in the Doral Financial Corporation v. Hacienda court case, Doral Legal Counsel Matthew D. McGill issued the following statement: "For four months, Doral has been waiting for Hacienda to explain its attempt to nullify its $230M debt to Doral. Hacienda claimed that Doral obtained its 2012 tax agreement through a fraud, but after two days of trial, including testimony from Secretary Melba Acosta Febo herself, Hacienda has come forward with no evidence supporting that outrageous accusation. When this case is over, the people of Puerto Rico will have to ask whether they were well served by their government's unfounded attack on one of Puerto Rico's few remaining banks."