A Puerto Rico appeals court reversed a ruling from a lower court that it didn't have jurisdiction to hear a case related to Doral's tax dispute with the Puerto Rican government.
The bank sued the government in May after the government voided an agreement for the Treasury Department to pay Doral a $230 million tax refund according to Reuters. The appeals court said the lower court must hold a hearing where the Treasury Department must prove the basis for voiding the agreement.
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TheStreet Ratings team rates DORAL FINANCIAL CORP as a Sell with a ratings score of D. TheStreet Ratings Team has this to say about their recommendation:
"We rate DORAL FINANCIAL CORP (DRL) a SELL. This is driven by some concerns, which we believe should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks we cover. The company's weaknesses can be seen in multiple areas, such as its feeble growth in its earnings per share, deteriorating net income, disappointing return on equity, weak operating cash flow and generally disappointing historical performance in the stock itself."
Highlights from the analysis by TheStreet Ratings Team goes as follows: