Barclays analyst Jason Goldberg lowered the firm’s price target on First Republic Bank to $15 from $17 and keeps an Equal Weight rating on the shares following the Q1 results. The company’s’ earnings were ahead of consensus and its fees and expenses were better than expected, the analyst tells investors in a research note. Still, excluding $30B from the large U.S. banks, First Republic’s deposits dropped 58% or $102B, says the firm. This resulted in an increased reliance on short-term borrowings "which will likely weigh heavily looking out," according to Barclays.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly
See Insiders’ Hot Stocks on TipRanks >>
Read More on FRC:
- FRC Crashes as Outflows Puts Its Existence at Risk
- First Republic Plans up to 25% Layoffs after $100B Deposit Flight, Shares Plunge
- First Republic Bank Stock (NYSE:FRC): Bank Crisis Overblown; Easy Earnings Beat
- First Republic ends earnings call without taking questions
- FRC Hammered despite Beating Earnings Estimates