Crypto bank silvergatebank was downgraded to market perform from outperform by one of the few remaining bullish analyst on the stock, citing limited visibility. by SteveAlpher and Aoyon_A
Silvergate Capital's rating was lowered to market perform from outperform on Tuesday by one of the few remaining bullish analysts on the stock, citing limited visibility on the crypto bank's outlook.
Analyst Michael Perito at investment bank Keefe, Bruyette & Woods also lowered the price target to $16 from $25, according to a research note sent to clients. "With limited earnings and fundamental visibility over the past two months, we believe a market perform rating is more reflective of the risk/reward profile for SI at this time, with a wide range of outcomes possible over the coming months," Perito wrote in the note.
However, the downgrade doesn't mean the analyst is giving up completely on the stock."As SI's shares have fallen, we have defended the bank's management, operating platform, role within FTX's platform, and strength of their balance sheet. We still feel validated on these positions," Perito wrote.
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