UPDATE: Morgan Stanley Reiterates On First Republic Bank On Disappointing Expense And Loan Growth Outlook

In a report published Thursday, Morgan Stanley analyst Ken A. Zerbe reiterated an Overweight rating on

, but lowered the price target from $59.00 to $51.00. In the report, Morgan Stanley noted, “First Republic is one of the fastest growing banks in our coverage universe, with an attractive high-net-worth client base, and a reputation for excellent customer service. Given FRC is one of the few banks that can meaningfully grow core earnings in this environment, we believe the shares will outperform the group.” First Republic Bank closed on Wednesday at $46.70.