Keefe Bruyette analyst Kelly Motta upgraded First Interstate (FIBK) to Outperform from Market Perform with a price target of $32, up from $29. With the bank’s new management refocusing on organic strategy and its credit-ring fenced, First Interstate’s net interest income “is poised for nice expansion,” the analyst tells investors in a research note. Keefe sees an attractive entry point into with the stock trading at a 9% discount to peers. It believes First Interstate’s franchise is “excellent,” citing its low-cost deposit base and strong market presence in growth markets.
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