Keefe Bruyette analyst Christopher McGratty downgraded First Citizens (FCNCA) to Market Perform from Outperform with a price target of $2,500, up from $2,100. A nearly 70% re-rating in First Citizens’ multiple since mid-February now puts its valuation at an approximate 15% relative premium “and results in a more symmetrical upside/downside relationship today,” the analyst tells investors in a research note. The firm believes higher for longer interest rates will continue to support the stock’s valuation, but along with the buyback catalyst, it thinks this is mostly reflected in the improved valuation.
Maximize Your Portfolio with Data Driven Insights:
- Leverage the power of TipRanks' Smart Score, a data-driven tool to help you uncover top performing stocks and make informed investment decisions.
- Monitor your stock picks and compare them to top Wall Street Analysts' recommendations with Your Smart Portfolio
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on FCNCA:
- First Citizens price target lowered to $2,150 from $2,250 at Raymond James
- First Citizens price target lowered to $2,000 from $2,150 at Wedbush
- First Citizens reports Q3 EPS $45.87, consensus $47.40
- First Citizens BancShares Reports Strong Q3 2024 Earnings
- First Citizens BancShares, Inc. Class A (FCNCA) Q3 Earnings Cheat Sheet