The higher price target comes after the San Francisco-based commercial bank reported better-than-expected results for the 2016 first quarter yesterday.
First Republic's fundamentals are off to a strong start this year, loan originations marked their best first quarter ever and its lending pipeline is up on a year-over-year basis, the firm said.
"FRC continues to execute well on its long-standing goal to meet its high net worth clients banking and wealth management needs across its bi-coastal footprint. We think the growth opportunities arising from its focused strategy remain underappreciated and are the reason to own its shares," Barclays wrote in a note.
Shares of First Republic closed at $69.88 on Thursday.
Separately, TheStreet Ratings Team has a "Buy" rating with a score of A+ on the stock.
The company's strengths can be seen in multiple areas, such as its revenue growth, expanding profit margins, growth in earnings per share, increase in net income and solid stock price performance.
The team believes its strengths outweigh the fact that the company has had somewhat disappointing return on equity.
Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
You can view the full analysis from the report here: FRC