This regional bank stock could climb as much as 50% as the purchase of a peer firm could aid future growth.
First Citizens ' acquisition of Silicon Valley Bank will be fruitful for the bank's stock, according to Atlantic Equities. The firm initiated coverage of First Citizens BancShares on Wednesday with an overweight rating and a $1,775 per share price target. Atlantic Equities' forecast implies nearly 50% upside from Tuesday's close of $1,183.76.
mountain First Citizen's stock has climbed more than 56% this year. Analyst John Heagerty highlighted the acquisition of Silicon Valley bank as a potential catalyst for the stock's growth, and noted the purchase "provides clear scale benefits and geographic diversification." The firm acquired SVB's assets earlier this year. "The SVB acquisition has transformed FCNCA's operations both in terms of the strategic benefits and the financial upside," he noted.
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