Maxim analyst Michael Diana lowered the firm’s price target on SVB Financial to $500 from $600 but keeps a Buy rating on the shares. The company’s Q4 earnings missed expectations due to higher provisioning and higher incentive compensation, but the initial hard guidance for Q1 and 2023 was generally more positive in tone and substance than the soft guidance in October of 2022, the analyst tells investors in a research note. Diana adds that the management also indicated that deposit outflows caused by client companies’ cash burn had moderated in Q4 and was expected to inflect in the second half of this year.
Published first on TheFly
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