As previously reported, Raymond James analyst Michael Rose initiated coverage of FirstSun Capital with a Market Perform rating and no price target. FirstSun has grown from a community bank in Kansas to an $8B C&I-focused bank over the past decade by entering high-growth markets such as Dallas, Houston, Austin, Phoenix, and Denver, notes the analyst, who sees upside in shares over time given management’s projections for best-in-class pro forma profitability, but adds that year-to-date outperformance “keeps us at bay nearer term.”