First Citizens BancShares price target raised to $2,600 by TD Cowen

Investing.com - TD Cowen raised its price target on First Citizens BancShares (NASDAQ:FCNCA), a $27.49 billion market cap bank trading at a P/E of 12.35, to $2,600 from $2,500 on Monday, while maintaining a Buy rating on the stock.

The price target adjustment follows First Citizens’ second-quarter 2025 core earnings per share of $44.78, which exceeded market expectations with minimal surprises. InvestingPro data shows management has been aggressively buying back shares, with 7 analysts recently revising earnings estimates upward.

TD Cowen noted it has become "incrementally more bullish" on the stock following the quarterly results, citing the company’s guidance that assumes flat deposits at Silicon Valley Bank (SVB).

The research firm highlighted First Citizens’ "substantial ability to repurchase shares" as another positive factor supporting its outlook.

TD Cowen also pointed to "green shoots sprouting in the equity as well as IPO markets" combined with "a low bar being set by the guide" as reasons for its favorable view on the stock’s positioning.

In other recent news, First Citizens BancShares reported strong second-quarter earnings, with earnings per share (EPS) of $44.78, surpassing the projected $39.29. The company’s revenue also exceeded expectations, reaching $2.38 billion compared to the forecasted $2.18 billion. Despite these positive results, Piper Sandler downgraded First Citizens BancShares from Overweight to Neutral, maintaining a price target of $2,150.00. The downgrade was influenced by the bank’s revised full-year 2025 guidance, which showed more muted loan and deposit growth in the second quarter. These developments come in the wake of a solid pre-provision net revenue report for the same period. Investors may note that the downgrade reflects a cautious stance on future growth despite the recent earnings beat.

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