Keefe, Bruyette & Woods Initiates Coverage on First Bancorp (FBNC) with a Market Perform
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Keefe, Bruyette & Woods initiates coverage on First Bancorp (Nasdaq: FBNC) with a Market Perform rating. Price target $15.50
Keefe analyst says, "First Bank has performed well above its peer average, cycle to date, although we forecast conditions will deteriorate for the company in the near term. The company's completion of a highly accretive FDIC deal earlier this year adds value to the shares immediately, in our opinion. We feel the premium valuation is partially warranted as we expect First Bank to benefit from continued market disarray."
To see more analyst ratings on FBNC Click Here.
First Bancorp operates as a bank holding company for First Bank that provides a range of banking services to individuals and small to medium-sized businesses.
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