Jefferies Upgrades First Republic Bank (FRC) to Buy

Article Stock Quotes (1) Comments (0)

Jefferies upgraded First Republic Bank (NYSE: FRC) from Hold to Buy with a price target of $39.00 (from $35.00).

The firm comments, "We upgrade First Republic to Buy from Hold following the announcement of the Luminous Capital acquisition. The deal brings EPS accretion, compelling cross-sell dynamics and improves FRC's revenue mix (stronger fee contribution). At 14x core 2013 EPS, FRC gets a premium to smid-cap peers, but a discount to other growth standouts (SBNY & SIVB at 15x 2013) despite similar EPS trajectories."

For an analyst ratings summary and ratings history on First Republic Bank click here. For more ratings news on First Republic Bank click here.

Shares of First Republic Bank closed at $33.56 yesterday, with a 52 week range of $27.30-$35.14.

---

Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW

---

*NEW - Download StreetInsider's FREE iPhone and iPad App - Click Here

---

---

You May Also Be Interested In

• Jefferies Downgrades First Republic Bank (FRC) to Hold
• UPDATE: Cantor Fitzgerald Upgrades Cubist Pharmaceuticals (CBST) to Hold
• Workday (WDAY) Success Continues but Valuation Lofty, Goldman Maintains Neutral

Create E-mail Alert Related Categories

Analyst PT Change, Upgrades

Related Entities

Jefferies & Co

Add Your Comment

Name

Subject

Body

Share on Facebook

Verification
can't see the text?
click here to refresh the image.
what's this?