First Citizens price target lowered to $2,150 from $2,250 at Raymond James

Raymond James lowered the firm’s price target on First Citizens (FCNCA) to $2,150 from $2,250 and keeps an Outperform rating on the shares. First Citizens’ Q3 results were poorly received, with shares underperforming due to weaker guidance, and slower balance sheet growth, lower NII, and higher operating expenses, driving the firm to materially reduce EPS estimates, the analyst tells investors in a research note. The firm says there is no change to its intermediate- and long-term thesis despite the disappointing quarter and guidance, arguing that First Citizens is poised to outgrow its peers when economic activity accelerates.