UPDATE: KBW Raises PT on First Republic Bank to $31 (FRC)

KBW is out with its report today on First Republic Bank (NYSE: FRC), raising its PT to $31.

In a note to clients, KBW writes, "First Republic reported 1Q results of $0.67, ahead of our estimate and consensus. Deposit growth remains very strong, up 16% q/q (ann), while capital continues to accumulate, providing the company great flexibility to continue to execute its growth strategy over time. Raising estimates and price target to $31. Maintain Market Perform."

Shares of FRC closed Wednesday at $30.41.