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Fly News Breaks for August 23, 2018
FCF
Aug 23, 2018 | 07:42 EDT
DA Davidson analyst Russell Gunther initiated First Commonwealth with a Neutral rating and a price target of $18, saying the bank has prioritized expense control and positive operating leverage ever since the appointment of Thomas Price as CEO in 2012. Gunther adds that the company's reduced operating expenses has allowed it to invest into revenue-generating expansion in Ohio, along with "a digital transformation, and reintroduction of mortgage and SBA GoS fee verticals", doubling its earnings and increasing profitability. Gunther contends that the valuation premium of First Commonwealth captures its "sustainable, above peer return profile."
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