11:40 AM EDT, 05/28/2024 (MT Newswires) -- CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows:

We initiate on shares of FCNC with a 12-month target price of $2,200, applying a forward P/E multiple of 11.0x our 2025 EPS estimate, in line with FCNC's five-year average multiple of 11.2x. We start our 2024 EPS estimate at $193.95 and 2025's at $200.00. After weak industry activity in 2023, we believe the Silicon Valley Bank segment is poised for a turnaround as deposit balances are stabilizing and IPO "green shoots" are emerging. A multi-year tailwind is brewing, in our view, as the innovation economy is sitting on record "dry powder" in both venture capital and private equity. Importantly, FCNC does not have large unrealized losses in its securities portfolio, and the bank maintains excess capital (CET1 ratio is 28% above peers). As a result, we expect shares of FCNC to benefit from share repurchases and FCNC's total shares outstanding to drop by more than 15% over the next two years. Additionally, with merger synergies leading to improved bank efficiency, we see FCNC as well positioned to outperform.