JPMorgan analyst Steven Alexopoulos views the significant selling pressure on First Republic shares as a "dramatic overreaction." With First Republic having a "strong" capital/liquidity position and diversified deposit base, customers and investors should "return in mass to this port in the storm," the analyst tells investors in a research note. With the "bold moves" made by U.S. regulatory agencies on Sunday to restore confidence in the banking system, the firm says it would take full advantage of the recent sell-off in First Republic shares. It keeps an Overweight rating on the name.
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Published first on TheFly
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