Silvergate Capital price target lowered to $21 from $51 at BTIG

BTIG analyst Mark Palmer lowered the firm’s price target on Silvergate Capital to $21 from $51 after the company’s preliminary Q4 update indicating a 68% sequential decline in digital asset customer deposits during the quarter. The announcement leaves investors pondering the impact of Silvergate’s shrinking balance sheet on its earnings power, Palmer tells investors in a research note, though he keeps a Buy rating on the shares and maintains that the company remains well-positioned to benefit from the institutional adoption of digital assets.