** Shares of regional lender First Citizens Bancshares FCNCA.O rise as much as 2.8%; last up 2.3% at $2,134.03

** KBW upgrades FCNCA to "outperform" from "market perform"; assigns PT of $2,500, a 19.9% upside to stock's last close

** Brokerage says FCNCA remains a net beneficiary in a higher-for-longer interest rate environment due to its asset-sensitive balance sheet

** Banks such as FCNCA are affected when rates move lower, as assets like loans tend to reprice quicker than liabilities like deposits

** Prospects that interest rates will remain higher-for-longer have significantly increased recently after last week's stronger-than-expected December jobs report

** Eight of 14 brokerages rate the stock "buy" or higher and six "hold"; with a median PT of $2,428, according to data compiled by LSEG

** FCNCA stock jumped 48.9% in 2024

(Reporting by Arasu Kannagi Basil in Bengaluru)

((ArasuKannagi.Basil@thomsonreuters.com;))