Keefe, Bruyette & Woods Upgrades First Commonwealth Financial (FCF) to Outperform; Attractive Entry Point

Keefe, Bruyette & Woods upgraded First Commonwealth Financial (NYSE: FCF) to Outperform. PT $7.

KBW analyst says, "The recent pullback in share price has resulted in shares trading below tangible book value, an attractive entry point, in our view; we raise our rating to Outperform. While the bank will most likely continue to deal with additional credit costs in the near term, we believe that the bank's capital buffer is strong enough to withstand pending credit problems. Our forward estimates and $7 price target remain unchanged."

For more ratings news on First Commonwealth Financial click here and for the rating history of First Commonwealth Financial click here.

Shares of First Commonwealth Financial closed at $5.44 yesterday.

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