Piper Sandler upgraded First Citizens (FCNCA) to Overweight from Neutral with an unchanged price target of $2,250. The firm views the recent share downside as “excessive” and believes current levels represent a “compelling” opportunity for investors. While the fear-driven downside in the markets “seems overblown in general,” First Citizens has underperformed its index on the year as well as from the recent highs over the past month, “presenting significant upside” relative to the price target the analyst tells investors in a research note.
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