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Analyst Actions: First Republic Bank's Price Target From RBC Nudged Up to $96 From $95, Sector Perform Kept


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First Republic Bank ( FRC ) received a slight increase to its price target from RBC Capital Markets after the banking company reported Q1 earnings per share above analysts' expectations Friday.

The new price target from RBC is $96 per share, up from $95. The shares rose 1.3% in Friday's session to close at $91.40. RBC kept its investment rating on the stock at sector perform.

In a note to clients, RBC described First Republic's Q1 results as showing "loan-growth trends were better than expected and continue to be the primary driver of revenue and earnings." It added: "While margin and expense pressures remained present this quarter, they were manageable and our sense is that management has better visibility now on both of these issues."

First Republic reported Q1 EPS of $1.13, up from $1.01 a year earlier and above analysts' mean estimate according to Capital IQ of $1.07.

RBC increased its estimate for First Republic's 2018 EPS to $4.90 from $4.85 and maintained its estimate for 2019 EPS at $5.60. It cited the higher estimate for resulting in the higher price target. In comparison, analysts' mean estimates are for 2018 adjusted EPS of $4.83 and 2019 adjusted EPS of $5.50.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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


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