Jun. 22 at 11:10 PM
$FIBK First Interstate upgraded to Outperform from Market Perform at Keefe Bruyette
Keefe Bruyette analyst Kelly Motta upgraded First Interstate to Outperform from Market Perform with a price target of
$32, up from
$29. With the bank's new management refocusing on organic strategy and its credit-ring fenced, First Interstate's net interest income "is poised for nice expansion," the analyst tells investors in a research note.
Keefe sees an attractive entry point into with the stock trading at a 9% discount to peers. It believes First Interstate's franchise is "excellent," citing its low-cost deposit base and strong market presence in growth markets.
