Piper Sandler analyst Andrew Liesch lowered the firm’s price target on First Republic to $13 from $15 and keeps a Neutral rating on the shares following the Q1 results. The analyst says it was a "noisy" quarter for First Republic on the funding side, and that these challenges will continue over the coming quarters. While the bank’s deposits have stabilized since quarter-end, First Republic’s liquidity questions have turned into earnings questions, the analyst tells investors in a research note.
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