The exuberance comes after First Citizens’ third-quarter results easily topped estimates, showing that the bank has been able to successfully integrate the failed-Silicon Valley Bank into its business and even prosper.
“As we evaluate the combination of the First Citizens management team being one that thinks and acts for the long term with the opportunity for SVB to regain its former self, we are optimistic that the best days for the SVB franchise could be ahead,” Steven Alexopoulos, a J.P. Morgan analyst, wrote Friday.
Still, there are risks to consider. For starters, shares are already up 84% this year, which means Wall Street may have already priced in the good news from the SVB purchase.
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