D.A. Davidson on Tuesday hiked its price target by $200 to $1,025 a share for First Citizens Bancshares Inc. FCNCA but reiterated its neutral rating after a big rise in the stock in the previous session on the bank’s plan to buy the bulk of the Silicon Valley Bank business in a deal brokered by the Federal Deposit Insurance Corp. (FDIC). Analyst Kevin P. Fitzsimmons said the stock’s 52% runup on Monday as well as “looming environmental headwinds” are causing him to maintain a neutral rating on First Citizens Bancshares. He also hiked his 2023 earnings estimates by $17.91 a share to $110.43 a share. Total book value per share increases to $1,015.50 from $571.89, but he added that the figure contains “a fair amount of uncertainty in underlying purchase accounting assumptions.” Shares of First Citizens Bancshares fell 1% in premarket trades.
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