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JPMorgan Given "Overweight" Rating At Crypto-friendly Bank Silvergate Capital
Summary: According to Coindesk, the crypto-friendly bank Silvergate Capital (NYSE: SI) has received an "overweight" rating from JPMorgan Chase & Co, with a target price of $300, which is 59% higher than Wednesday's closing price of $188.73. JPMorgan Chase analyst Steven Alexopoulos said: "Silvergate’s status as the pure-play bank of the crypto ecosystem has led to the ...
According to Coindesk, the crypto-friendly bank Silvergate Capital (NYSE: SI) has received an "overweight" rating from JPMorgan Chase & Co, with a target price of $300, which is 59% higher than Wednesday's closing price of $188.73.
JPMorgan Chase analyst Steven Alexopoulos said: "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."
The bank has been supporting crypto companies. In October, Bitcoin mining company Marathon Digital Holdings (NASDAQ: MARA) received $100 million in Bitcoin and U.S. dollar revolving credit lines from Silvergate.
As of press time, SI stock price is about $210, an increase of more than 11%.
By Mary Liu
Tags: JPMorgan,Silvergate Capital
Link: JPMorgan Given "Overweight" Rating At Crypto-friendly Bank Silvergate Capital [Copy]
