BUZZ-First Citizens Bancshares rises after KBW upgrades to 'outperform'

Shares of regional lender First Citizens Bancshares FCNCA.O rise as much as 2.8%; last up 2.3% at $2,134.03

KBW upgrades FCNCA to "outperform" from "market perform"; assigns PT of $2,500, a 19.9% upside to stock's last close

Brokerage says FCNCA remains a net beneficiary in a higher-for-longer interest rate environment due to its asset-sensitive balance sheet

Banks such as FCNCA are affected when rates move lower, as assets like loans tend to reprice quicker than liabilities like deposits

Prospects that interest rates will remain higher-for-longer have significantly increased recently after last week's stronger-than-expected December jobs report

Eight of 14 brokerages rate the stock "buy" or higher and six "hold"; with a median PT of $2,428, according to data compiled by LSEG

FCNCA stock jumped 48.9% in 2024

(Reporting by Arasu Kannagi Basil in Bengaluru)

((ArasuKannagi.Basil@thomsonreuters.com;))