First Community upgraded to Outperform from Market Perform at Raymond James

Raymond James upgraded First Community to Outperform from Market Perform with a $21 price target. The analyst believes the bank’s earnings are approaching a trough and should improve due to expected Federal Reserve rate cuts and organic growth from its “strong markets” in South Carolina and Georgia. With a conservative credit culture and strong core deposit base, First Community is attractively valued given its franchise value, the analyst tells investors in a research note.