First Bancorp initiated with an Overweight at Stephens

Stephens initiated coverage of First Bancorp (FBNC) with an Overweight rating and $48 price target The Carolinas pure play operates in one of the fastest-growing regions in the country and has “dominant market share” with a top five presence in more than half of its service areas, says the analyst, who sees loan growth being “poised to inflect higher and above peers.”