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WFC - First Republic Shows How It Really May Be Different
Wells Fargo & Company
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One quarter doesn’t make a story, but First Republic’s (FRC) first quarter results certainly don’t hurt the argument that First Republic’s much higher than normal valuation is underpinned by a differentiated business model that can outperform in all seasons. Again, this is just one quarter and there are certainly plenty of risks in front of First Republic, but it’s hard not be impressed today.