RBC Capital analyst Jon Arfstrom raised his price target on First Republic to $102 as part of his model "fine tuning" following the bank's common equity offering. The analyst says the capital raise was "consistent" with its continued growth strategy and outlook, adding the management has been "disciplined and conservative" with its capital strategy. Arfstrom adds that he still views First Republic as a "very high quality core holding for long term investors" but keeps his Sector Perform rating, saying the stance reflects the bank's valuation relative to its peers.