UPDATE: Goldman Sachs Initiates First Republic Bank with CL-Buy on Outsized Growth Potential
In a report published Tuesday, Goldman Sachs analyst Ryan M. Nash initiated coverage on First Republic Bank (NYSE: FRC) with a Conviction List Buy rating and $47.00 price target.
In the report, Nash noted, “We view FRC as one of the premier banking franchises and see it as among the best positioned for growth over the next 3-5 years given (1) best-in-class market demographics across its footprint, (2) market penetration opportunities in NYC, and (3) further build-out of its wealth management platform. We see these driving upside to consensus expectations the next few years, as our 2014/2015 estimates are 8%/12% above consensus.”
First Republic Bank closed on Monday at $37.79.
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