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BUZZ-First Community rises after Raymond James upgrades to 'strong buy'

Reuters
Jan 23, 2025
BUZZ-First Community rises after Raymond James upgrades to 'strong buy'

** Community lender First Community Corp's FCCO.O shares rise 7.2% to $26.34 in early trading

** Raymond James upgrades FCCO shares to "strong buy" from "outperform"; raises PT to $30 from $27, a 22% upside to stock's last close

** Brokerage says repricing of fixed rate loan portfolio combined with mid-to high-single digit loan growth should drive substantial net interest margin $(NIM)$ expansion even without more rate cuts

** NIM is a key measure of banking profitability

** Credit costs are also likely to remain low given FCCO's strong track record and resilient markets - Raymond James

** Two of three brokerages rate the stock "buy" or higher, and one "hold"; their median PT is $28 - LSEG data

** FCCO shares jumped 11.5% in 2024

(Reporting by Arasu Kannagi Basil in Bengaluru)

((ArasuKannagi.Basil@thomsonreuters.com;))

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