First Bancorp downgraded to Neutral from Overweight at Piper Sandler

Piper Sandler analyst Stephen Scouten downgraded First Bancorp (FBNC) to Neutral from Overweight with a price target of $64, up from $58. The firm acknowledges First Bancorp has been hitting on all cylinders over the past year, and Q4 2025 was no exception. That said, with the shares now trading at about 13.5 times its 2026, Piper sees little room for continued multiple expansion and moves to the sidelines, with the expectation that increases in earnings will drive further share price appreciation from here.