Fly News Breaks for October 2, 2019
Oct 2, 2019 | 06:45 EDT
Wells Fargo analyst Jared Shaw downgraded First Republic Bank to Market Perform from Outperform and lowered his price target for the shares to $100 from $112. The analyst, who expects First Republic to continue trading at a premium valuation compared to peers, sees limited opportunity for near-term valuation expansion with the shares trading at nearly 19.0 times his updated fiscal 2020 earnings estimates. Further, he sees the likelihood of additional negative earnings revisions due to the "challenging" interest rate environment. In an environment with few positive catalysts, combined with the richest valuation in the group, "the bar is set pretty high" for First Republic, Shaw tells investors in a research note.
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