Shares of Silvergate Capital (NYSE:SI) continued their plunge in today’s trading session. This can be attributed to a couple of analyst downgrades. Steven Alexopoulos changed his rating from Buy to Hold while assigning a price target of $14 per share. In addition, Brandon Berman changed his rating from Hold to Sell with a price target of $8 per share.
Alexopoulos is concerned about the significant reduction in client deposits, stating that profitability will be impacted due to the need for higher liquidity levels. Likewise, Berman is concerned with negative earnings growth and slashed earnings projections by 90% for 2023.
Overall, Wall Street analysts are bullish on SI stock with a Moderate Buy rating. Furthermore, the consensus price target of $41.30 implies 272% upside potential, as indicated by the graphic above.
