Raymond James analyst David Long lowered the firm’s price target on SVB Financial to $260 from $345 and keeps an Outperform rating on the shares. SVB posted a "somewhat disappointing" mid-quarter update, but while near-term pressure remains, Long believes its unique franchise, low-risk loan portfolio, and excellent long-term growth profile, are deserving of a steeper premium valuation, the analyst tells investors in a research note.
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