As previously reported, Atlantic Equities analyst John Heagerty downgraded First Republic Bank to Underweight from Neutral and lowered his price target for the shares to $75 from $100. He believes the company's asset-led growth requires substantial support and sees increased strain on the business model due to cost commitments, increasing capital requirements and a deteriorating net interest margin, Heagerty tells investors. The analyst, who lowered his EPS forecasts for First Republic by 10% in FY20 and 15% in FY21, also believes additional capital raisings are likely.