First Commonwealth Bank FCF reported earnings of $0.11/sh matching Street expectations and $0.02 shy of Keefe Bruyette & Woods' numbers. The quarter was marked by higher operating expenses and weaker spread income, which were partially offset by a lower provision and higher fee income. Given the continued de-risking of the balance sheet, KBW is increasing its target to $7 based on higher 2013 earnings expectations.
KBW has a Market Perform rating on FCF
FCF closed Thursday at $6.83
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