Raymond James downgrades First Republic by two notches to market perform

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Raymond James analyst David J. Long on Monday cut his rating on First Republic Bank stock by two notches to market perform from strong buy on worries about a...

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.

 

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