Shares of First Bancorp (FBNC) are soaring in pre-market trading, climbing 5.09% as investors react to a bullish analyst report. The stock's significant upward movement comes amid positive sentiment in the banking sector.

The surge follows KBW analyst Wood Lay's reiteration of a Buy rating on First Bancorp. Lay maintained a price target of $53.00 for the stock, suggesting substantial upside potential from its previous closing price of $46. This favorable outlook from a respected financial services-focused investment bank has evidently boosted investor confidence in First Bancorp's prospects.

The analyst's optimistic stance on First Bancorp could signal strong fundamentals and growth potential for the company. As the banking sector continues to navigate a complex economic environment, such positive assessments may indicate that First Bancorp is well-positioned to outperform its peers. Investors will likely be watching closely for any further analyst commentary or company announcements that could sustain this upward momentum.