Wells Fargo Starts First Republic Bank (FRC) at Outperform; Impressive Growth Momentum

June 6, 2012 7:36 AM EDT
Get Alerts FRC Hot Sheet
Price: $92.16 +0.03%

Rating Summary:
    11 Buy, 12 Hold, 1 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 22 | Down: 32 | New: 34
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Wells Fargo initiates coverage on First Republic Bank (NYSE: FRC) with an Outperform. PT range $35-$37.

Analyst, Matthew H. Burnell, said, "We believe FRC shares are a compelling proposition in the current uncertain environment. The bank’s best-in-class credit performance, coupled with a humming growth engine, provides a respite to the volatility and higher beta qualities that permeate the financials sector in general and U.S. banks in particular, in our view. We believe the current valuation of 1.6x tangible book value (TBV) undervalues the franchise, due to the sustainability of the bank's growth profile and safe-haven attributes. Our valuation range is $35-37 and EPS estimates are $2.57 for 2012 and $2.90 for 2013."

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 $30.15 yesterday.

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