UPDATE: Goldman Sachs Upgrades Silvergate Capital Corp. (SI) to Buy
- Wall Street rallies, snaps longest weekly losing streak in decades
- 'Always Bet on Michael': Dell (DELL) Stock Soars After Crushing Estimates, Analysts Say Results are Impressive
- Credit Suisse Says Tesla (TSLA) Stock Offers an Attractive Entry Point, Sees Nearly 60% Upside From Here
- Citi Downgrades US Equities to Neutral on Recession Risk
- Elon Musk Says Recession Could Last 12 to 18 Months, But 'Actually a Good Thing'
News and research before you hear about it on CNBC and others. Claim your 1-week free trial to StreetInsider Premium here.
(Updated - January 19, 2022 4:10 PM EST)
Goldman Sachs analyst Will Nance upgraded Silvergate Capital Corp. (NYSE: SI) from Neutral to Buy with a price target of $166.00.
The analyst comments "Post SI's 4Q21 earnings announcement, we are upgrading shares to Buy from Neutral with a $166 price target. On the back of a topline miss, SI shares were down 25%, with the market focused on the headline miss on net interest income. With shares now trading at 2.2x tangible book value and 15.5x P/E on our 2023 estimates, shares now trade at the lowest levels of valuation since we initiated coverage, and are approaching valuation metrics of more traditional, lower growth banks (avg ~2x TBV for regional banks). Moreover, shares are trading at a significant discount to growthier banks such as SIVB, FRC and SBNY (avg ~3x TBV). We believe this represents a compelling opportunity to buy a growth oriented bank with attractive leverage to the growth in the crypto ecosystem. Inside we discuss key highlights for the quarter, as well as details behind the upgrade."
Shares of Silvergate Capital Corp. closed at $103.34 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Jack In The Box (JACK) PT Lowered to $80 at Stifel
- Brenntag AG (BNR:GR) (BNTGY) PT Raised to EUR100 at Berenberg
- Softbank Group Corp. (9984:JP) (SFTBY) PT Lowered to JPY9,000 at Citi
Create E-mail Alert Related CategoriesAnalyst Comments, Hot Comments, Hot Upgrades, Upgrades
Related EntitiesGoldman Sachs, Earnings
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!