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.
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