UPDATE: Piper Sandler Upgrades First Financial Bancorp (FFBC) to Overweight
Piper Sandler analyst R. Scott Siefers upgraded First Financial Bancorp (NASDAQ: FFBC) from Neutral to Overweight with a price target of $22.00.
The analyst comments "We are upgrading FFBC from Neutral to Overweight. The stock has been a visible underperformer over the past year (down 26% vs. down 2% for NASDAQ banks), but we feel several factors are coming together that will allow the shares to regain their historic valuation. Among them, we see an improving cost outlook, differentiated fee support, substantial credit leverage that has yet to begin, and a reinvigorated capital management story (incl. a 5% dividend yield). Along with our upgrade, we are also increasing our PT from $19 to $22."
Shares of First Financial Bancorp closed at $18.32 yesterday.
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