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Crypto-Focused Bank Silvergate Rallies After JPMorgan Sees Industry Adoption Growth
The analyst sees Silvergate as a way for investors to gain exposure to crypto adoption and disruption.
Silvergate Capital Corp. (SI) shares jumped as high as 13% Thursday after JPMorgan initiated research coverage with an overweight recommendation and a $300 price target.
- The price target would represent a 59% increase over yesterday’s closing price of $188.73. In recent trading, the shares were at $210, up about 11%.
- “Silvergate’s status as the pure-play bank of the crypto ecosystem has led to the creation of a bank not only with superior growth potential, but also that operates with one of the highest-quality balance sheets in the industry,” JPMorgan analyst Steven Alexopoulos said in a note to clients.
- JPMorgan sees Silvergate as a way for investors to gain exposure to crypto adoption and disruption.
Read more: Silvergate Capital 3Q EPS Beats Estimates; Digital Currency Deposits Grew to $11.2B
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Michael Bellusci
Michael Bellusci is a former CoinDesk crypto reporter. Previously he covered stocks for Bloomberg. He has no significant crypto holdings.
