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First Republic upgraded to Buy from Neutral at Goldman Sachs
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First Republic upgraded to Buy from Neutral at Goldman Sachs

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.

Published first on TheFly

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