First Citizens downgraded to Neutral from Overweight at Piper Sandler

Piper Sandler downgraded First Citizens to Neutral from Overweight with a price target of $1,950, up from $1,850. With the shares up 27% year to date and 209% since the announcement of the SVB acquisition, Piper thinks that most of the near-term value has been captured, the analyst tells investors in a research note. Tends remain positive at First Citizens and higher for longer helps, but the firm no longer thinks the risk/reward dictates an Overweight rating.