Stock

Silvergate Capital stock is a ‘Buy’ according to this analyst

The Silvergate Capital (SI) stock is a buy, Wells Fargo said in a note on Monday.

According to the Wall Street analyst, Silvergate has potential for further growth and adoption in the crypto space, a scenario likely to see its price trajectory pick up.

Wells Fargo (WFC) has thus initiated coverage for the stock, allocating an overweight rating and setting a price target of $120. Per the firm, the stock’s current bear outlook is already priced in, giving investors seeking an opportunity in the crypto bank’s market potential a great entry point.

Adoption in crypto

Wells Fargo notes in its report that crypto is at an adoption stage where the entry of global institutions is giving the sector a lot of room for upside growth. Already, Silvergate is seeing huge expansion of its digital banking offering, with more customers buoyed by the entry of names such as Fidelity Investments, JPMorgan, PayPal and Tesla.

Silvergate’s provision of FDIC-insured services is key to its growth profile, with a 35%-40% annual increase in customer numbers since 2019.

Silvergate stock

SI stock price was at $61.86 in morning deals on Monday, down nearly 17% as the broader markets bled amid fresh selling. The NYSE listed stock is over 58% down year-to-date, an outlook that mirrors price weakness in Bitcoin (BTC) as well as the overall stock market.

The post Silvergate Capital stock is a ‘Buy’ according to this analyst appeared first on Invezz.

Disclaimer: MonopolyWinnersUpdates.com, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2022 MonopolyWinnersUpdates.com. All Rights Reserved.

To Top