Fly News Breaks for October 16, 2019
Oct 16, 2019 | 08:07 EDT
BMO Capital analyst Lana Chan raised her price target on First Republic to $103 after its better than expected Q3 earnings yesterday, noting that the trends and "strong" loan growth in the company's quarter offset the pressure in its net interest margins. The analyst adds that the company's growth outlook is strong as she raises her implied forward earnings multiple to 19-times from 18-times. Chan keeps her Market Perform rating on First Republic however, stating that the stock's premium valuation has widened relative to peers, which may elevate the possibility of a "small" equity raise by the company in the near future.
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