First Citizens added to Best Ideas List at Wedbush

Wedbush analyst David Chiaverini added First Citizens to the firm’s Best Ideas List and made no change to the Outperform rating or $1,800 price target. The firm’s base case macro forecast for 2024 is that the U.S. experiences at least a mild recession, and First Citizens exhibits the characteristics it is favoring in this backdrop, the analyst tells investors in a research note. First Citizens is well positioned to navigate through a potential recession given its high capital ratios relative to peers, strong tangible book value growth, expected EPS accretion from the SVB deal, and attractive valuation.