Wedbush upgrades Silicon Valley Bank to outperform [MarketWatch]
SVB Financial Group (SIVB)
Last svb financial group earnings: 4/23 04:06 pm
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Source: MarketWatch
Wedbush Securities analyst David J. Chiaverini on Friday upgraded SVB Financial Group to outperform from neutral and raised the bank's 12-month price target to $700 a share from $600 a share. Chiaverini said the parent company of Silicon Valley Bank is positioned to benefit from its favorable business mix as well as interest rate hikes from the U.S. Federal Reserve. "SIVB has reported several consecutive blowout quarters, driven by its emphasis on banking the innovation economy, especially the tech and life sciences industries, which have thrived throughout the pandemic," he said. Wedbush Securities expects multiple rate hikes, which will potentially benefit the bank. It's also poised to gain from its acquisition of Boston Private as well as new hires in the technology banking space. Wedbush now expects three 25 basis point rate hikes each in late 2022 and 2023 from the Fed. Shares of SVB closed at $608.45 on Thursday, The stock has risen 57% so far this year, compared to an increase
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