Jefferies Upgrades First Republic Bank (FRC) to Buy

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.

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