JPMorgan analyst Steven Alexopoulos added First Republic to his firm's Analyst Focus list after holding investor meetings with senior management. The analyst sees the company's "service moat as further widening" in the "digital age of banking that lies ahead." First Republic's sales growth prospects "have never been this strong," Alexopoulos tells investors in a research note. He increasingly sees capital flows "being directed into higher quality franchises, such as First Republic." The analyst keeps an Overweight rating on the shares with a $111 price target.