First Citizens BancShares Is Ready To Beat Current Street Expectations, Says Bullish Analyst
Portfolio Pulse from Priya Nigam
Goldman Sachs analyst Ryan Nash initiated coverage of First Citizens BancShares Inc (NASDAQ:FCNCA) with a Buy rating and a price target of $1,950, citing above-peer loan growth, cost controls, and potential for significant share buybacks. The bank is expected to return between $4.2 billion and $6.5 billion in share buybacks by the end of 2025, surpassing current consensus expectations. Despite elevated credit losses in high-risk portfolios, reserves are deemed adequate with potential for improvement.
March 21, 2024 | 5:54 pm
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Goldman Sachs analyst Ryan Nash is bullish on First Citizens BancShares, initiating coverage with a Buy rating and a $1,950 price target. The bank's strong loan growth, cost controls, and potential for significant share buybacks are highlighted as key drivers.
The initiation of coverage by Goldman Sachs with a Buy rating and a high price target reflects strong confidence in First Citizens BancShares' financial health and growth prospects. The bank's ability to outperform market expectations through loan growth, cost controls, and aggressive share buybacks is likely to positively impact its stock price in the short term.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100