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 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.