First Citizens price target raised to $1,800 from $1,700 at Citi

Citi analyst Keith Horowitz raised the firm’s price target on First Citizens to $1,800 from $1,700 and keeps a Neutral rating on the shares following the Q1 beat. The bank issued a higher net interest income outlook for 2024, given its asset sensitive balance in a higher-for-longer interest rate environment, a reiteration on plans to resume buybacks in the second half of 2024, and better expectations on credit losses for the year, the analyst tells investors in a research note.