Deutsche Bank Upgrades First Republic Bank (FRC) to Buy

Deutsche Bank upgraded First Republic Bank (NYSE: FRC) from Hold to Buy with a price target of $38.00 (from $37.00).

The firm comments, "We expect core EPS growth ~2x the industry in 2013/2014 to support premium trading multiples and share upside, reflecting (1) solid operating leverage by mid 2013, (2) above-peer balance sheet/AUM growth, offsetting NIM headwinds, (3) a materially smaller private equity ownership overhang, (4) the potential for increasing take-out premium over time, and (5) an attractive, high quality, high net worth customer base with strong long-term growth potential."

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 $33.69 yesterday.

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