Sterne Agee upgrades First Commonwealth Financial FCF to Buy. At the moment, Sterne Agee has a price target of $6.50 placed on the company's stock.
In a research report published today, Sterne Agee states, "We upgraded the shares of First
Commonwealth to Buy and established a $6.50 price target.
Our upgrade is based on valuation and sufficient capital and
reserves to withstand further potential credit deterioration... Our $6.50 price target equates
to 12x our 2012 operating EPS estimate and 116% of tangible
book value."
On Friday, First Commonwealth closed the day at $5.18.
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Posted In: Analyst ColorUpgradesAnalyst RatingsFinancialsFirst Commonwealth FinancialRegional BanksSterne Agee
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