Model update: remain Overweight
We are updating our FRC model to reflect Q1 results, revenue trends and capital return comments from management. As a result, our FY18 adjusted EPS forecast actually decreases by 1.8% as we now adjust for the one-off gain of $11m associated with rebalancing the investment portfolio. Our FY19 and FY20 EPS forecasts are unchanged with sligthly faster revenue growth offset by a more conservative view on provisioning in outer years. Our price target remains at $110 and we retain our Overweight recommendation.First Republic Bank is a commercial bank and trust company. The company conducts its business through two reportable business segments: Commercial Banking and Wealth Management. The principal business activities of the Commercial Banking segment are accepting funds from the general public, originating loans (primarily real estate secured mortgage loans) and investing in investment securities. Wealth Management segment consists of subsidiary First Republic Investment Management, Inc.; the company's money market mutual fund activities through third-party providers and the brokerage activities of First Republic Securities Company, LLC; the Trust Company; and the company's foreign exchange activities.
Formed in 2003 by an established team from Cazenove, one of the most respected investment banks in the UK, Atlantic Equities conducts and publishes fundamental, bottom up research on mid and large cap US companies.
Atlantic provide order execution through a wide range of DMA products and algorithmic trading suites.
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