RBC Capital analyst Jon Arfstrom raised his price target on First Republic to $105 after its Q3 earnings beat, saying the quarter was highlighted by the continued "strong loan growth, tight expense control, and lower credit costs" that helped offset the margin pressure coming from a more challenging interest rate environment. The analyst is keeping his Sector Perform rating on the stock however, forecasting modestly declining margins in spite of the "solid" net interest income growth and elevated expenses as the company continues to reinvest in its business.