- The shares of Silvergate Capital (SI) recently received a $70 price target. These are the details.
The shares of Silvergate Capital (SI) recently received a $70 price target.
Price target: Reduced from $85 to $70
Analyst firm: Wedbush
Wedbush analysts adjusted the rating after the company recently issued a press release noting that FTX is a deposit-only relationship that represents less than 10% of its cryptorelated deposits, which totaled $12 billion as of September 30. And the good news is that it confirmed Silvergate is not at risk of suffering credit losses related to the FTX collapse, which means tangible book value should not be materially impacted
But the bad news is that FTX could represent nearly 10% of its core deposits if assuming the top end of the company’s disclosure and the loss of these deposits should put downward pressure on earning assets which reduce the earnings power.