As previously reported, BofA analyst Brandon Berman downgraded Silvergate Capital to Underperform from Neutral with a price target of $8, down from $37, arguing that Silvergate’s preliminary Q4 report created "more questions than answers" and introduced a new overhang on the stock, namely the prospect for negative earnings growth. He has lowered his 2023 and 2024 EPS estimates by 90% and reduced his revenue growth forecast by 50%, noted Berman, who adds that future regulatory and legislative actions that may impact Silvergate "may not be fully recognized by the market."
Meet Your ETF AI Analyst
- Discover how TipRanks' ETF AI Analyst can help you make smarter investment decisions
- Explore ETFs TipRanks' users love and see what insights the ETF AI Analyst reveals about the ones you follow.
Published first on TheFly
See today’s best-performing stocks on TipRanks >>
Read More on SI:
- Silvergate Capital Continues to Bleed after Analyst Downgrades
- Silvergate Capital downgraded to Neutral from Overweight at JPMorgan
- Silvergate Capital price target lowered to $21 from $51 at BTIG
- ‘Worst-case scenario’ coming to pass for Silvergate, says Wells Fargo
- Wedbush cuts Silvergate target, sees ‘clear-the-decks moment’