UPDATE: First Republic Bank Downgraded at BMO Capital Markets on Margin Pressure
January 07, 2014 at 12:20 PM EST
In a report published Tuesday, analyst Lana Chan of BMO Capital Markets downgrades First Republic Bank (NYSE: FRC ) to Market Perform from Outperform and increases price target to $55 from $53. Chan noted in the report, "In addition to the richer valuation, we are also concerned about net interest