First Citizens BancShares (FCNCA) PT Raised to $2,384 at Truist on Model Update

Truist Securities analyst Brian Foran raised the price target on First Citizens BancShares (NASDAQ: FCNCA) to $2,384.00 (from $2,303.00) while maintaining a Hold rating.

The analyst commented: "We update our FCNCA model to incorporate 4Q24 & 2024 results and the latest management guides for 1Q25, 2025 and beyond. We adjust our price target for FCNCA to $2,384 (from $2,303).

We adjust our 2025E EPS to $168.06 and 2026E to $190.69. We apply the same 12.5x multiple to our 2026 EPS to arrive at our adjusted $2,384 price target. Drivers of our higher estimates include--based on guidance--higher than expected NII, slightly lower adjusted expenses, and lower net charge-off rates than we had modeled. We model NCO/average loans and expenses to land slightly above the guided midpoint for conservatism as we watch for the front-half elevated commercial credit that management mentioned as well as continued investments into infrastructure / personnel / Category III preparation."

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