UPDATE: Piper Jaffray Starts First Republic Bank (FRC) at Neutral

Piper Jaffray initiated coverage on First Republic Bank (NYSE: FRC) with a Neutral rating and a price target of $59.00.

Analyst Matthew Clark commented, "We initiate coverage of First Republic with a Neutral rating and a $59 target based on stronger growth prospects, potential regulatory relief and a lack of leverage to higher rates. At 17.8x our 2016 EPS estimate currently, FRC shares are not cheap relative to historical multiples. That said, we think a Neutral rating and premium multiple is appropriate given its above average growth outlook and consistent performance."

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 $64.27 yesterday.

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