JPMorgan downgraded First Citizens (FCNCA) to Neutral from Overweight with a price target of $2,200, down from $2,450. The firm says a lack of interest rate cuts this year is the “exact opposite” for what First Citizens’ SVB franchise needs to show strong loan and deposit growth. The path to a sustained recovery in SVB client flows relies too much on a reacceleration in exit markets and innovation economy momentum, which have yet to materialize, the analyst tells investors in a research note.
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