Jefferies Maintains a 'Hold' on First Republic Bank (FRC); Raising Estimates & PT

Jefferies maintains a 'Hold' on First Republic Bank (NYSE: FRC) price target raised from $30 to $32.

Jefferies analyst says, "We raise our estimates following a modest 4Q beat to account for a stronger spread income trajectory and a lower tax rate offset partially by the drag from the recent preferred issue. FRC continues to demonstrate impressive growth with virtually no credit risk, but valuation largely reflects this rare combination with the stock trading at 15x core 2012 EPS."

"Our estimates go to $2.75 (from $2.65) and to $2.75 (from $2.70) in 2012 and 2013, respectively. On a core basis (ex. discount accretion), our estimates go to $1.86 (from $1.81) and $2.12 (from $2.07), respectively."

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 $29.97 yesterday.

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