First Citizens price target lowered to $2,000 from $2,240 at Truist

Truist lowered the firm’s price target on First Citizens (FCNCA) to $2,000 from $2,240 and keeps a Hold rating on the shares. The firm is cutting its FY25 EPS view by 1% and its FY26 view by 4% – the first to reflect the recent bankruptcy of First Brands, an auto parts supplier, against whom First Citizens has a $84M unsecured claim, and the second that reflects the latest rate curve that bakes in four interest rate cuts next year that results in about a 20bps headwind to net interest margins, the analyst tells investors in a research note.