First Citizens price target raised to $2,150 from $1,950 at Piper Sandler

Piper Sandler analyst Stephen Scouten raised the firm’s price target on First Citizens to $2,150 from $1,950 and keeps a Neutral rating on the shares. The stock rallied after the announcement of the company’s $3.5B share repurchase while loan growth across the platform was much better than expected, the analyst tells investors in a research note. However, post the stock rally, the firm struggles to see any outsized upside in the shares from here over the next 12 months.