Silvergate Capital Corp. (SI) PT Raised to $170 as Craig-Hallum Sees Regulation as a Catalyst

Craig-Hallum analyst George Sutton raised the price target on Silvergate Capital Corp. (NYSE: SI) to $170.00 (from $135.00) while maintaining a Buy rating after shares sold off on a few muted sequential KPIs (SEN dollar volume (-32%), and digital currency deposit growth (13%)).

The analyst stated "we would caution against overreacting to a pause caused by the summer downturn brought on by the China Hash Crash. SEN volumes trend with overall exchange volumes, and October is already outpacing the "doge days" of summer. More importantly, we are encouraged by the 25% sequential growth in SEN Leverage approved lines of credit and the program's recent expansion to include digital currency treasury operations via a $100M BTC lending agreement with Marathon Digital. The biggest event is likely ahead of the stock, however. Regulatory and legislative interest in stablecoins continues to build ahead of the President's Working Group whitepaper on the topic, which will be presented on Thursday to the Financial Stability Oversight Council in a closed-door session. Regulation in this instance could serve as a catalyst, not a governor".

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