Silvergate Stock Gets a Big Downgrade. Wall Street Is Turning on a Crypto Darling. [MarketWatch]
Coinbase Global, Inc. - Class A (COIN)
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Source: MarketWatch
the “crypto bank,” which has been a darling of analysts despite major losses in the stock price. Shares in Silvergate (ticker: SI) fell 6.8% in Monday trading, extending a painful run. Risk-sensitive assets in general have lost ground, but businesses linked to cryptocurrencies have been hit harder. The shares are down 83% so far in 2022. A team of banking analysts led by Manan Gosalia at Morgan Stanley (MS) downgraded the bank to Underweight from Equal Weight, saying continued stress in crypto markets may weigh on Silvergate's ability to make money. Silvergate didn't immediately respond to a request for comment. Wall Street has swung to Silvergate's defense repeatedly this year even as the market has punished the stock. Of nine analysts surveyed by FactSet who cover the company, seven continue to rate Silvergate at Buy. The average target for the stock price is $51.90, implying that the shares will more than double from here. Morgan Stanley's is the only bearish rating. Silv
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