Silvergate Capital (SI) PT Lowered to $37 at Morgan Stanley, FY23 EPS Est. Cut 51%

Morgan Stanley analyst Manan Gosalia lowered the price target on Silvergate Capital Corp. (NYSE: SI) to $37.00 (from $77.00) while maintaining a Equalweight rating, while lowering FY23 EPS estimates 51%.

The analyst commented, "Following the FTX bankruptcy filing and associated stress in the crypto industry, we take our 2023 estimates down 51% to $4.48. In line with that, our price target declines to $37, which is roughly the midpoint of our base case range of $21-54."

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