Morgan Stanley analyst Manan Gosalia downgraded Silvergate Capital (SI) to Underweight from Equal Weight with an unchanged price target of $24 as he initiated coverage of 12 midcap banks and took over coverage of several others. Gosalia prefers to be positioned in names that are best-equipped to manage the headwinds from tightening liquidity conditions as rates rise, and has Underweight ratings on three – Silvergate, First Republic (FRC) and SVB Financial (SIVB) – that he sees having the most funding pressure due to idiosyncratic factors, the analyst tells investors.
Published first on TheFly
See today’s best-performing stocks on TipRanks >>
Read More on SI:
- Short Report: Bears growl at crypto stocks amid FTX fallout
- Here’s What You Missed in Crypto This Week
- Silvergate Capital Corp put volume heavy and directionally bearish
- Silvergate exposure to BlockFi ‘very modest,’ says Keefe Bruyette
- Silvergate Capital says BlockFi deposit relationship limited to less than $20M
