Goldman Sachs Starts First Republic Bank (FRC) at Conviction Buy

Goldman Sachs initiated coverage on First Republic Bank (NYSE: FRC) with a Conviction Buy rating and a price target of $47.00.

Analyst Ryan M. Nash said, "We see FRC as well positioned for growth the next 3-5 years given (1) best-in-class demographics across its footprint, (2) significant market share opportunities in jumbo mortgage from both market share gains and declines in super-conforming limits (just 2.2% overall share), (3) market penetration opportunities in its NYC franchise, and (4) further build-out of wealth management."

For an analyst ratings summary and ratings history on First Republic Bank (NYSE: FRC) click here. For more ratings news on First Republic Bank click here.

Shares of First Republic Bank closed at $37.79 yesterday.

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