First Citizens ' acquisition of Silicon Valley Bank will be fruitful for the bank's stock, according to Atlantic Equities.
Atlantic Equities' forecast implies nearly 50% upside from Tuesday's close of $1,183.76.
FCNCA YTD mountain First Citizen's stock has climbed more than 56% this year.
Analyst John Heagerty highlighted the acquisition of Silicon Valley bank as a potential catalyst for the stock's growth, and noted the purchase "provides clear scale benefits and geographic diversification."
"The SVB acquisition has transformed FCNCA's operations both in terms of the strategic benefits and the financial upside," he noted.
Persons:
BancShares, John Heagerty, Heagerty, — CNBC's Michael Bloom
Organizations:
Bank, First
Locations:
Silicon, 2Q23E