Keefe Bruyette analyst Michael Perito keeps an Outperform rating on Silvergate Capital with a $58 price target after BlockFi formally filed Chapter 11 bankruptcy on Monday. While this was a larger relationship for Silvergate at some point in the past, the company’s exposure to BlockFi today is "very modest" at about $12.4M of deposits with no lending exposure, Perito tells investors in a research note.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly
See today’s best-performing stocks on TipRanks >>
Read More on SI:
- Silvergate Capital says BlockFi deposit relationship limited to less than $20M
- Silvergate Capital Corp put volume heavy and directionally bearish
- Silvergate Capital provides statement on FTX exposure
- Here’s What You Missed in Crypto This Week
- Silvergate Capital price target lowered to $25 from $50 at Wells Fargo