First Bancorp added to DA Davidson Best-of-Breed Bison initiative

DA Davidson raised the firm’s price target on First Bancorp to $35.50 from $33.50 and keeps a Buy rating on the shares. The firm is also adding the stock to its Best-of-Breed Bison initiative that seeks to identify the highest quality companies with “strong competitive positioning and exceptional financials”. First Bancorp is a very profitable, and steady-growth bank that operates in one of the more attractive and faster-growth regions in the country, the analyst tells investors in a research note, adding that the company has grown its size and scale via organic growth and M&A, and today ranks #7 in North Carolina deposit market share, yet is #1 excluding much larger, superregional banks. The stock deserves a premium valuation given the sustainable cost-of-funding advantage, growth-oriented footprint, and track record for superior profitability, the firm added.