Signature Bank price target lowered to $132 from $152 at Morgan Stanley

Morgan Stanley analyst Manan Gosalia lowered the firm’s price target on Signature Bank to $132 from $152 and keeps an Equal Weight rating on the shares. Gosalia and fellow analyst Betsy Graseck said bank management comments last week show that their thesis for accelerating deposit costs is playing out, but even faster than they’d anticipated, leading them to take down EPS estimates by a median 2% for Q4. The 2023 EPS forecast is decreasing the most for Signature Bank as crypto-related deposit runoff pressures NIM, Gosalia noted.