Analyst Actions: First Republic Bank's Price Target From RBC Lifted to $97 From $96, Sector Perform Maintained

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First Republic Bank ( FRC ) received a slight increase to its price target Monday from RBC Capital Markets following the bank's Friday report of better-than-expected Q2 earnings per share.

The new price target from RBC is $97 per share, up from $96. This brings the target closer to the stock's Friday closing price of $97.74, but not above it. RBC kept its investment rating on the shares at sector perform.

On Friday, First Republic Bank reported Q2 earnings per share of $1.20, up from $1.06 a year earlier and above analysts' mean estimate according to Capital IQ of $1.17.

In a note to clients, RBC described the report as showing that "loan growth trends continue to be better than expected and remain the primary driver of revenues and earnings."

The firm added: "While margin and expense pressures remain persistent, they were manageable. Management appears comfortable with their visibility on these items and the ability to generate offsetting revenue growth."

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This article appears in: Investing , ETFs
Referenced Symbols: FRC

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