Sterne Agee Upgrades First Commonwealth Financial to Buy

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.