JPMorgan analyst Steven Alexopoulos raised his price target for First Republic to $125 from $118 following the company's investor day and keeps an Overweight rating on the shares. While many continue to focus on the efficiency ratio, the single most important factor for First Republic shares is the number of years that the company is likely to continue compounding balance sheet as well as revenue growth at a pace that is six to eight times that of its peers, Alexopoulos tells investors in a research note. On this, the analyst left the investor day concluding that First Republic is still in the very early innings of its growth story.