First Republic Bank faces an uphill challenge to regrow its business after losing more than half of its deposits, analysts said on Tuesday, as shares sank 29% in early trade to hit a record low following its first-quarter earnings.
A trader works at the post where First Republic Bank stock is traded on the floor of the New York Stock Exchange in New York City, U.S., March 16, 2023. REUTERS/Brendan McDermidDeposits in Q1 plunge more than $100 bln vs Q4April 25 - First Republic Bank
Wall Street analysts continue to see gray skies ahead for the bank, expecting challenges to extend through the year after two U.S. bank failures last month created a liquidity crunch at a slew of regional lenders. The spotlight on the bank has also drawn in retail investors. First Republic was the most ordered stock on Fidelity's platform on Monday, ending the day at a 12.2% gain, with a 64%/36% buy/sell split.
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