Cantor Fitzgerald Raises Price Target on SVB Financial (SIVB), Strong Quarter and Solid Outlook
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Price: $106.04 --0%
Rating Summary:
11 Buy, 18 Hold, 2 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Rating Summary:
11 Buy, 18 Hold, 2 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
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Cantor Fitzgerald is reiterating its Buy rating on shares of SVB Financial (NASDAQ: SIVB) while raising its price target from $66 to $75.00
The company released its Q2 results with almost all metrics being positive and EPS of $1.55, well ahead of the Street's estimate of $0.70. The firm notes that the quarter experienced $0.55/share in non-recurring gains.
During the quarter there was a de minimus loan loss provision, reflecting no net chargeoffs and stable nonperforming assets.
To go inline with SIVB's updated guidance and current market trends, Cantor Fitzgerald increased its FY11 and FY12 EPS estimates from $2.92 and $3.75 to $3.93 and $4.10.
An analyst at Cantor Fitzgerald comments, "To us, this implies powerful pent-up earnings power. Management indicated that most of the deposit growth has been from new customers, mainly early-stage companies that should become borrowers as they mature. SVB Financial's loan growth already exceeds that of almost all banks; a combination of borrowing by new customers, and rising interest rates could produce explosive earning growth in 2013."
For more ratings news on SVB Financial click here and for the rating history of SVB Financial click here.
Shares of SVB Financial closed at $62.50 yesterday.
The company released its Q2 results with almost all metrics being positive and EPS of $1.55, well ahead of the Street's estimate of $0.70. The firm notes that the quarter experienced $0.55/share in non-recurring gains.
During the quarter there was a de minimus loan loss provision, reflecting no net chargeoffs and stable nonperforming assets.
To go inline with SIVB's updated guidance and current market trends, Cantor Fitzgerald increased its FY11 and FY12 EPS estimates from $2.92 and $3.75 to $3.93 and $4.10.
An analyst at Cantor Fitzgerald comments, "To us, this implies powerful pent-up earnings power. Management indicated that most of the deposit growth has been from new customers, mainly early-stage companies that should become borrowers as they mature. SVB Financial's loan growth already exceeds that of almost all banks; a combination of borrowing by new customers, and rising interest rates could produce explosive earning growth in 2013."
For more ratings news on SVB Financial click here and for the rating history of SVB Financial click here.
Shares of SVB Financial closed at $62.50 yesterday.
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