Jefferies analyst Casey Haire upgraded First Republic to Buy from Hold with a price target of $147, up from $121. With bank stocks facing "another year of uncertainty," Haire and fellow analyst Ken Usdin are shaking up ratings in the group. On the revenue side for the group, their NII estimates are below the Street for 2023 and 2024, noted the analsyts, who thinks on the credit side that provision pull-forwards will weigh on 2023 EPS, but will help earnings in 2024.
Published first on TheFly
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Read More on FRC:
- First Republic upgraded to Buy from Neutral at Goldman Sachs
- First Republic added to ‘Tactical Underperform’ list at Evercore ISI
- First Republic price target raised to $162 from $136 at Barclays
- Wells Fargo upgrades First Republic to Equal Weight, raises target to $125
- First Republic upgraded to Equal Weight from Underweight at Wells Fargo
