First Bancorp price target raised to $62 from $53 at Keefe Bruyette

Keefe Bruyette raised the firm’s price target on First Bancorp (FBNC) to $62 from $53 and keeps an Outperform rating on the shares. The firm updated its price target following the recent outperformance. Profitability should move higher in both a flat rate and rate downs scenario based on fixed asset repricing and excess capital deployment, the analyst tells investors in a research note.