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Silvergate Capital Faces Price Target Cuts By Analysts Following Decline In Deposits

Benzinga · 01/06/2023 09:38

Silvergate Capital Corp (NYSE:SI) released preliminary fourth-quarter results that showed a significant drop in customer deposits.

Digital asset deposits decreased from $11.9 billion at the end of the third quarter to $3.8 billion, representing a decline of approximately 68%.

Silvergate Capital shares dropped 42.7% to close at $12.57 on Thursday, and lost 6.1% on Friday.

These analysts made changes to their price targets on Silvergate Capital after the company released preliminary results.

  • Canaccord Genuity cut the price target on Paychex from $150 to $25. Canaccord Genuity analyst Joseph Vafi maintained a Buy rating on the stock.
  • JP Morgan slashed Silvergate price target from $30 to $14. JP Morgan analyst Steven Alexopoulos downgraded the stock from Overweight to Neutral.
  • BTIG cut the price target on the stock from $51 to $21. BTIG analyst Mark Palmer maintained the stock with a Buy.
  • Wells Fargo cut the price target from $27 to $16. Wells Fargo analyst Jared Shaw maintained Silvergate with an Equal-Weight.
  • B of A Securities lowered the price target from $37 to $8. B of A Securities analyst Brandon Berman downgraded the stock from Neutral to Underperform.
  • Craig-Hallum slashed the price target from $36 to $14. Craig-Hallum analyst George Sutton downgraded Silvergate Capital from Buy to Hold.

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