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

First Community (South Carolina)

23/01/2025 15:04

** 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;))