BofA moved to No Rating on First Republic (FRC), removing the firm’s previous Buy rating and $90 price target on the shares. The unexpected failures in the past few days of Silicon Valley Bank (SIVB) and Signature Bank (SBNY) has resulted in First Republic "no longer trading on fundamentals," the analyst tells investors, who it said should not longer rely on the firm’s previous rating and price target on the shares.
Published first on TheFly
See today’s best-performing stocks on TipRanks >>
Read More on FRC:
- First Republic Bank Stock (NYSE:FRC): A Gutsy Bet on Contained Contagion
- Don’t Go Bargain Hunting on First Republic Bank Stock, Raymond James Says
- First Republic Bank Craters 75%, Catches Analyst Downgrade
- Two Banks Down: Swimming in High Tide Might Get You Drowned
- First Republic selloff a ‘dramatic overreaction,’ says JPMorgan