First Citizens initiated with an Overweight at JPMorgan

JPMorgan analyst Steven Alexopoulos initiated coverage of First Citizens BancShares with an Overweight rating and $1,850 price target. The analyst is optimistic that the acquired SVB business will return over time as one of the leading growth banks in the industry. With First Citizens shares trading at 0.9-times tangible book value, a 16% discount to peers, the stock’s total return potential above peers, the analyst tells investors in a research note. The firm names First Citizens one of its top picks.