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Fly News Breaks for March 15, 2019
FRC
Mar 15, 2019 | 09:23 EDT
BMO Capital analyst Lana Chan raised her price target on First Republic to $111 and also raised her FY19 EPS view to $5.30 from $5.25 after meeting with its management. The analyst says the discussions highlighted the management's "positive outlook for client growth" in loans, deposits, and wealth management. Chan is keeping her Market Perform rating on the shares however, stating that the valuation premium on the stock relative to its peers has widened even further after its recent addition to the S&P500 index.
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