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."
Published first on TheFly
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Read More on SI:
- Silvergate Capital Continues to Bleed after Analyst Downgrades
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- ‘Worst-case scenario’ coming to pass for Silvergate, says Wells Fargo
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