First Citizens BancShares dips after Wedbush downgrades to 'neutral'
** Shares of First Citizens BancShares FCNCA.O fall as much as 1.3%, last down 0.5% at $1,946.63
** Wedbush downgrades stock to "neutral" from "outperform" and removes it from its best ideas list
** Brokerage cuts PT to $2,150 from $2,450, which still represents a 9.9% upside to stock's last close
** Wedbush says declining rates could pressure FCNCA's net interest income — the difference between what a bank makes on loans and pays out on deposits — as it is the most asset-sensitive lender in its coverage
** Brokerage estimates a 100-basis-point rate decline could lead to 7.6% headwind to NII for FCNCA
** Wedbush expects FCNCA's acquisition of failed Silicon Valley Bank last year to be a nice tailwind when the venture capital market rebounds
** Nine of 13 brokerages rate the stock "buy" or higher and four "hold"; median PT is $2,250 - LSEG data
** As of last close, FCNCA shares up 37.8% YTD
Reporting by Arasu Kannagi Basil in Bengaluru
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