First Citizens downgraded to Neutral from Overweight at Piper Sandler

Piper Sandler last night downgraded First Citizens (FCNCA) to Neutral from Overweight with an unchanged price target of $2,150 following the Q2 report. The firm sees “more challenging” share upside from here given the downward revisions to fiscal 2025 guidance. In addition, the positive impact of First Citizens’ new $4B share repurchase plan is already reflected in Piper’s model, the analyst tells investors in a research note. The firm adds the bank’s loan and deposit growth were “much more muted” in Q2.