As previously reported, Stephens analyst Andrew Terrell upgraded First Interstate to Overweight from Equal Weight with a price target of $43, down from $44. The 11% underperformance in First Interstate to start the year has been "overdone," which presents a buying opportunity with shares trading at a roughly 20% discount to historical valuations, the analyst tells investors. Net interest margin pressures will persist into Q1 given traditional seasonality, but First Interstate should have a more defensible path than peers to net interest margin stability and improvement in the second half, the firm added.
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Published first on TheFly
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Read More on FIBK:
- Janney downgrades First Interstate to Neutral after ‘disappointing’ end to 2022
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- First Interstate price target lowered to $42 from $48 at Wells Fargo
- First Interstate downgraded to Market Perform from Outperform at Keefe Bruyette
- First Interstate reports Q4 EPS 85c excluding acquisition costs, consensus $1.03