** Raymond James upgrades First Citizens Bancshares FCNCA.O to "strong buy" from "outperform"; raises PT to $2,200 from $2,100

** Brokerage says the stock is undervalued and that negative sentiment around the bank is overdone

** "We believe investor sentiment is poised to shift positive, and with the shares trading at a material discount to its peers, a unique buying opportunity has presented itself," - Raymond James

** Brokerage also notes the bank is growing its loans and deposits faster, which can drive earnings

** 9 of 14 brokerages rates the stock "buy" or higher and 5 "hold"; their median PT is $2,190 - data compiled by LSEG

** As of last close, stock down ~13.4% YTD

(Reporting by Anuj T in Bengaluru)

((anuj.t@thomsonreuters.com))