Keefe, Bruyette & Woods Upgrades First Commonwealth Financial to Outperform

According to Keefe, Bruyette & Woods, First Commonwealth Financial

is upgraded to Outperform. Keefe, Bruyette & Woods said that the recent pullback in share price has resulted in shares trading below tangible book value, an attractive entry point. “While the bank will most likely continue to deal with additional credit costs in the near term, we believe that the bank's capital buffer is strong enough to withstand pending credit problems. Our forward estimates and $7 price target remain unchanged.” First Commonwealth Financial closed yesterday at $5.44.