Evercore ISI suspends rating on First Republic in light of uncertainty

Evercore ISI is suspending the firm’s Outperform rating and Tactical Underperform near-term view, as well as its prior 12-month price target of $155, on shares of First Republic as last week’s $30B 120-day deposit infusion by peer banks coupled with the bank’s select deposit disclosures implied as high as $90B in deposit outflows. The suspension of its dividend amid capital strain, and media reports of a potential private capital raise late Friday, have all materially limited visibility into underlying fundamentals, including the bank’s capital position, the firm said.