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.
Published first on TheFly
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