First Citizens initiated with Outperform on increased scale at Wedbush

Wedbush last night initiated coverage of First Citizens with an Outperform rating and $1,700 price target. Citizens has quadrupled in size over the last 18 months owing to two acquisitions of CIT Group and the failed Silicon Valley Bank, the analyst tells investors in a research note. The firm believes First Citizens is in a strong position to benefit from its recent deals, particularly when the innovation economy stabilizes, and should generate solid growth as a result of its increased scale with now over $200B in assets.