Raymond James upgraded First Community (FCCO) to Strong Buy from Outperform with a price target of $30, up from $27. The upwards repricing of First Community’s fixed rate loan portfolio, combined with mid-to-high single digit loan growth, should drive substantial net interest margin expansion and pre-provision net revenue growth in 2025, even without additional Fed rate cuts, the analyst tells investors in a research note. Raymond James views the risk-reward positively given above-peer earnings growth and profitability at a below-peer multiple.
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