First Citizens price target lowered to $2,550 from $2,750 at JPMorgan

JPMorgan lowered the firm’s price target on First Citizens to $2,550 from $2,750 and keeps an Overweight rating on the shares. Heading into Q3 earnings season for the regional banks, the firm expects fundamental trends for the quarter “to echo” what it heard from recent conferences, including net interest margins largely trending flat, loan growth remaining minimal, solid deposit growth and credit trends overall remaining stable. Looking beyond the quarter’s results, with the Federal Reserve reducing the funds rate and the yield curve de-inverting, several headwinds that have been at play for the industry over the past few years will transition into tailwinds in the coming quarters, the analyst tells investors in a research note.