tiprankstipranks
The Fly

First Republic reinstated with Sell from Neutral at Citi

First Republic reinstated with Sell from Neutral at Citi

Citi analyst Arren Cyganovich downgraded First Republic to Sell from Neutral with an $11 price target after reinstating coverage of the shares. The bank lost over $100B of deposits in Q1 excluding the $30B it received from the large banks, the analyst tells investors in a research note. The firm says First Republic’s high cost of borrowings relative to its earnings assets puts it "under-water" and likely generates losses until it can "right-size" the balance sheet.

Published first on TheFly

See Insiders’ Hot Stocks on TipRanks >>

Read More on FRC:

Questions or Comments about the article? Write to editor@tipranks.com