Craig-Hallum analyst George Sutton downgraded Silvergate Capital to Hold from Buy with a price target of $14, down from $36. Sutton cites limited visibility/clarity on the balance sheet, capital levels, potential regulatory actions, and the near-term trajectory of the broader crypto ecosystem for the downgrade, telling investors in a research note that Silvergate continues to be uniquely positioned in a digital asset market which multiple competitors have de-emphasized and should position the business well to succeed longer-term once the broader crypto ecosystem stabilizes.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 55% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly
See the top stocks recommended by analysts >>
Read More on SI:
- Silvergate Capital Continues to Bleed after Analyst Downgrades
- BofA downgrades Silvergate to Underperform with ‘more questions than answers’
- Silvergate Capital downgraded to Underperform from Neutral at BofA
- Silvergate Capital price target lowered to $25 from $150 at Canaccord
- Silvergate Capital downgraded to Neutral from Overweight at JPMorgan