As previously reported, Janney Montgomery Scott downgraded First Commonwealth to Neutral from Buy with a fair value estimat of $19, up from $16, following what the firm calls “a sound quarter” highlighting the company’s diversified balance sheet and revenue streams. Following a review of Q2 results, the firm is tweaking its 2024 EPS estimate higher to $1.46 from $1.45 and its 2025 EPS to $1.52 from $1.48, but is lowering its rating on valuation.
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