First Bancorp upgraded to Strong Buy from Market Perform at Raymond James

Raymond James upgraded First Bancorp (FBNC) to Strong Buy from Market Perform with a $62 price target The more bullish view reflects recent share underperformance despite improving fundamentals, with upside from net interest margin expansion, stronger loan growth, and leverage to lower rates, supported by solid asset quality and a strong capital base, the analyst tells investors in a research note. Scarcity value in the Carolinas and capacity for share repurchases further support the expectation for earnings beats and near-term outperformance, the firm says.