UPDATE: Jefferies Reiterates Hold Rating, Lowers PT on First Republic Bank
In a report published Friday, Jefferies & Company reiterated its Hold rating on First Republic Bank (NYSE: FRC), but lowered its price target from $35.00 to $33.00.
Jefferies noted, “We cut our core 2013 EPS estimate a nickel to $2.06 to account for a tougher net interest margin outlook. Despite weak pricing, FRC is aggressively pursuing new household acquisition, which should drive robust balance sheet growth, but drag meaningfully on net interest margin. As an outlier growth story vs. peers, FRC warrants a premium multiple, but valuation feels fair at 15x our core 2013 EPS.”
First Republic Bank closed on Thursday at $32.89.
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