Raymond James analyst David J. Long on Monday cut his rating on First Republic Bank stock FRC by two notches to market perform from strong buy on worries about a drain in deposits impacting its earnings per share. First Republic stock is down 66% in premarket trades. “Despite the added liquidity sources, we believe deposit balances will remain under pressure in the immediate near-term,” Long said.
Long on Monday cut his rating on First Republic Bank stock FRC by two notches to market perform from strong buy on worries about a drain in deposits impacting its earnings per share. First Republic stock is down 66% in premarket trades. “Despite the added liquidity sources, we believe deposit balances will remain under pressure in the immediate near-term,” Long said.