Market Overview

UPDATE: Jefferies Upgrades First Republic Bank to Buy Following Accretive Deal

Related FRC
Umpqua Misses on Earnings, Shares Fall - Analyst Blog
Bank of Hawaii Beats on Earnings, Revs - Analyst Blog

Jefferies raised its rating on First Republic Bank (NYSE: FRC) from Hold to Buy and increased its price target from $35 to $39.

Jefferies said, "We upgrade First Republic to Buy from Hold following the announcement of the Luminous Capital acquisition. The deal brings EPS accretion, compelling crosssell 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."

First Republic Bank closed at $33.70 on Tuesday.

Posted-In: JefferiesAnalyst Color Upgrades Pre-Market Outlook Analyst Ratings

 

Most Popular

Related Articles (FRC)

Around the Web, We're Loving...

Partner Network

Get Benzinga's News Delivered Free