First Citizens price target raised to $2,250 from $2,100 at Piper Sandler

Piper Sandler raised the firm’s price target on First Citizens (FCNCA) to $2,250 from $2,100 and keeps a Neutral rating on the shares. Management addressed the drivers of strong SVB client fund growth and acknowledged macro challenges that may temper future results, the firm notes. The bank touched on regulatory readiness as the company approaches Category 3 thresholds, while anticipating no material M&A activity 2025. Piper points out that Q4 results were far better than expectations, and caused it to take its estimates higher, but the firm is staying on the sidelines as it thinks the shares have already captured much of the value of the earnings strength in the share price already.