Analyst Downgrades

Analyst activity has been mixed. Keefe Bruyette maintains an Outperform rating but lowered its price target to $2,300 from $2,375. Deutsche Bank downgraded FCNCA to Hold from Buy with a $2,154 target, and JPMorgan cut its target to $2,200 from $2,450, downgrading to Neutral from Overweight. The downgrades stem from concerns about the company’s SVB franchise, which depends on loan and deposit growth linked to the innovation economy and exit markets in a tighter rate environment.