DA Davidson upgraded First Interstate (FIBK) to Buy from Neutral with a price target of $42, up from $32. The firm says the bank’s new CEO “represents a meaningful positive catalyst.” First Interstate’s renewed focus on organic growth, improving reporting consistency and credit results, along with a pivot away from acquisitions, should be shareholder friendly, the analyst tells investors in a research note. DA believes the bank’s “attractive market dynamics” are now more likely to be revealed.
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