First Bancorp price target raised to $51 from $48 at Piper Sandler

Piper Sandler raised the firm’s price target on First Bancorp (FBNC) to $51 from $48 and keeps a Neutral rating on the shares. The firm notes the company delivered a solid performance in Q2, marked by improved profitability, stable asset quality, and a fortified deposit franchise. Near-term, Piper thinks additional balance sheet restructuring trades could boost the net interest margin and profitability, while the potential for M&A given the bank’s strong currency remains a medium-term possibility.