Janney analyst Timothy Coffee on Tuesday cut his rating on First Republic Bank FRC to sell from neutral, after the bank’s first-quarter results were “far worse than we expected.” Janney also cut the stock’s target price to $8 a share from $10 a share and reduced its forecast for First Republic’s second quarter results by 6 cents a share to a loss of 14 cents a share. “FRC’s results from 1Q23 were far worse than we expected, and we believe the company will have to complete a major pivot very soon to survive,” Janney analyst Coffee said. “We believe FRC needs to drop the growth-at-all-cost business model that defined the…
