As beleaguered First Republic Bank considers its options, Treasury Secretary Janet Yellen said on Wednesday there is no discussion on insurance for all deposits, making a "bull case" scenario more difficult for the stock. First Republic, whose shares have lost much of their value since the banking crisis started in the U.S. on March 8, is among the banks speaking to peers and investment firms about potential deals in the wake of U.S. regulators taking over Silicon Valley Bank and Signature Bank this month following bank runs. Morgan Stanley analyst Manan Gosalia, in a report earlier this week, set a target price of $54 for First Republic shares, which dropped 15.5% to end at $13.33 on Wednesday.