Raymond James Upgrades First Community Corporation (FCCO) to Outperform 'as Earnings Outlook Improves'

Raymond James analyst Steve Moss upgraded First Community Corporation (NASDAQ: FCCO) from Market Perform to Outperform with a price target of $21.00.

The analyst comments "We upgrade FCCO from Market Perform to Outperform and establish a $21 price target as we believe earnings are approaching a trough and should improve due to expected Fed rate cuts and organic growth from the bank’s strong markets in South Carolina and Georgia. With a conservative credit culture and strong core deposit base (84% core, 29% non-interest bearing) the bank is attractively valued at 1.2x TBV given its franchise value, and we view the risk-reward as attractive."

For an analyst ratings summary and ratings history on First Community Corporation click here. For more ratings news on First Community Corporation click here.

Shares of First Community Corporation closed at $18.46 yesterday.

You May Also Be Interested In

• Nomura/Instinet Upgrades Genting Singapore (GENS:SP) (GIGNY) to Neutral
• Cantor Fitzgerald Upgrades Capricor Therapeutics (CAPR) to Overweight
• Bernstein SocGen Group Upgrades Wayfair (W) to Outperform