Goldman Sachs analyst Ryan Nash upgraded First Republic to Buy from Neutral with a $142 price target. The analyst says the bank’s margins should trough by mid 2023. He now believes the market is valuing the stock off "trough" earnings, and sees several catalysts that could get shares moving higher. First Republic’s margin will bottom in the next few quarters and will stabilize in the second half of 2023 as the asset side "catches up" and there is potential for margin expansion once the Fed eases, Nash tells investors in a research note. The analyst also does not see a big slowdown in loan growth.
Confident Investing Starts Here:
- Quickly and easily unpack a company's performance with TipRanks' new KPI Data for smart investment decisions
- Receive undervalued, market resilient stocks straight to you inbox with TipRanks' Smart Value Newsletter
Published first on TheFly
See the top stocks recommended by analysts >>
Read More on FRC:
- 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
- First Republic price target lowered to $140 from $145 at JPMorgan