Janney Montgomery Scott Upgrades First Commonwealth (FCF) to Neutral
More News related to FCF
- Regional Banks Refusing TARP Funds (BXS, CFR, FCF, HCBK, PRSP, WFD)
- Boenning & Scattergood Starts First Commonwealth (FCF) at Neutral
- First Commonwealth Will Not Apply for Capital through the TARP Program
- KBW Announces Changes to KBW Regional Banking Index (KRX)
- First Commonwealth Raises $115 Million in Successful Stock Offering
More News related to Upgrades
- BMO Upgrades Spectrum Brands (SPC) to Market Perform
- Maxim Upgrades Palomar Medical (PMTI) to Buy
- RBC Capital Upgrades DSP Group (DSPG) to Sector Perform
- UBS Upgrades Morgans Hotel Group (MHGC) to Buy
- Janney Montgomery Scott Upgrades Wright Express Corp (WXS) to Buy.
Janney Montgomery Scott upgrades First Commonwealth (NYSE: FCF) from Sell to Neutral and reduces their fair value from $9.50 to $9.00.
The firm said, "The hefty cash dividend helps to support the stock price, and because the stock now trades more in line with the peer group (although still at a premium) following the recent sell-off, we raise our rating to Neutral from Sell. We expect the dividend payment will be shored up by the company’s ability to dip into retained earnings to cover any near-term earnings shortfall. Earnings, however, should start to improve slightly due to more lending opportunities in western Pennsylvania created by the asset quality problems of larger regional banks. That should be partially offset by elevated credit costs due to the need to maintain the loan loss ratio around the current level."
First Commonwealth Financial Corporation (First Commonwealth), is a bank holding company.
Related Categories
UpgradesStocks Mentioned
+0.35Related Entities
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
