Why This First Financial Bancorp Analyst Is Bullish In A Tough Year For Regional Banks
Portfolio Pulse from AJ Fabino
Piper Sandler Companies upgraded shares of First Financial Bancorp (NASDAQ:FFBC) from Neutral to Overweight and increased the price target from $23 to $24. The upgrade is due to the bank's solid performance in the recent rate cycle, its strong market position in Cincinnati and other major Midwest cities, and its consistently strong return profile. The bank's Net Interest Margin (NIM) increased from 3.15% to 4.55% over the past 12 months. The analyst predicts a NIM decrease to ~3.90-4.00% by the fourth quarter of this year or the first quarter of next year.
July 10, 2023 | 5:58 pm
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POSITIVE IMPACT
Piper Sandler upgraded First Financial Bancorp and increased the price target, citing the bank's solid performance and strong market position. This could lead to a positive impact on the bank's stock price.
The upgrade from Piper Sandler, a well-known financial services firm, is a strong vote of confidence in First Financial Bancorp. This, coupled with the increased price target, could lead to increased investor interest and a potential rise in the bank's stock price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
POSITIVE IMPACT
Piper Sandler's bullish stance on First Financial Bancorp could reflect positively on its own reputation and stock price, as successful predictions can enhance its credibility in the market.
As a financial services firm, Piper Sandler's stock price can be influenced by the accuracy of its predictions and the success of its recommendations. A successful prediction on First Financial Bancorp could enhance its market credibility, potentially leading to a positive impact on its own stock price.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 50