UPDATE: First Republic Bank Downgraded at BMO Capital Markets on Margin Pressure
In a report published Tuesday, analyst Lana Chan of BMO Capital Markets downgrades First Republic Bank (NYSE: FRC) to Market Perform from Outperform and increases price target to $55 from $53.
Chan noted in the report, "In addition to the richer valuation, we are also concerned about net interest margin pressure for FRC as pricing competition for jumbo mortgages has intensified in the fourth quarter."
FRC closed Monday at $51.32 and is currently trading down at $50.98.
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