First Citizens initiated with a Buy at Jefferies

Jefferies initiated coverage of First Citizens with a Buy rating and $2,005 price target. The analyst views First Citizens as a “unique value play on the innovation markets and capital return.” The stock trades at a modest discount versus peers despite a similar return on equity profile and “superior organic” growth prospects, the analyst tells investors in a research note. The firm expects the multiple gap to close the company’s capital return ramps up in the second half of 2024 and venture capital flows rebound.