Sterne Agee Initiates First Republic Bank With Underperform

Analysts at Sterne Agee initiated coverage on shares of First Republic Bank

with an Underperform rating. The target price for First Republic Bank is set to $45. First Republic Bank shares have gained 1.58% over the past 52 weeks, while the S&P 500 index has surged 14.08% in the same period. First Republic Bank shares closed at $51.54 yesterday.