Bitcoin-Linked Stock Silvegate Sees Price Target Slashed By 83% At Canaccord: Why Analyst Still Sees Upside
Bitcoin-Linked Stock Silvegate Sees Price Target Slashed By 83% At Canaccord: Why Analyst Still Sees Upside
The brokerage highlighted the resilience of SI's purpose-built model, which was designed to perform as it should have in a volatile environment after the FTX collapse.Canaccord Genuity has lowered the price target for Silvergate Capital (NYSE: SI), citing its trade at a discount to book value. This comes after the bank released preliminary fourth-quarter results that showed a significant drop in customer deposits.
坎雅克 真誠 已經降低了目標價格 銀門資本 (紐約證券交易所代碼:SI)，援引其交易折扣為帳面價值。這是在銀行發布了第四季度初步業績之後，顯示客戶存款大幅下降之後。
The Analysis: The investment banking firm in its analysis provided by Joseph Vafi maintained a "buy" rating on SI, and slashed the price target from $150 to $25 — a staggering 83% decrease.
分析: 投資銀行公司在其分析中提供 约瑟夫·瓦菲 保持了 SI 的「買入」評級，並將目標價格從 150 美元削減至 25 美元-令人驚嘆的 83％ 下降。
The Thesis: Canaccord said while it had expected deposits to come in, what was surprising was the magnitude of the overall declines, driving a significant deterioration in SI's book value and reduced forward earnings power.
論文： Canaccord 表示，儘管預計存款將進入，但令人驚訝的是整體下跌的幅度，導致 SI 的帳面價值顯著下降，並降低了向前盈利能力。
The brokerage highlighted the resilience of SI's purpose-built model, which was designed to perform as it should have in a volatile environment after the FTX collapse.
該經紀公司強調了 SI 專用模型的彈性，該模型旨在在運行後在不穩定的環境中執行 FTX 崩潰。
Canaccord's new price target of $25 is based on a 1.3 times multiple of the book value estimate as of the end of 2023. This is based on an expected reversal of SI trading at a discount to book value to a slight premium once the crypto market recovers.
坎雅克爾新的 25 美元目標是根據截至 2023 年底賬面價值估計的 1.3 倍。這是基於一旦加密市場復蘇，SI 交易的預期反轉將折扣，以便將帳面價值降至輕微溢價。
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請參閱 更多： 最佳加密日交易策略
The analyst note also highlighted that Silvergate wrote down its entire investment into Diem's stablecoin initiatives, given that there was no clarity to revenue brought in. Silvergate then increased its short-term borrowings, which would affect its net interest margin.
分析師說明還強調，銀門寫下了其全部投資 迪姆的穩定幣倡議，因為沒有明確的收入帶來。銀門隨後增加了其短期借款，這將影響其淨利率。
"We believe [the] book value ends up somewhere in the $ mid-teen range exiting 2022. As such SI is likely now trading at a discount to its book value," Canaccord said.
「我們相信 [] 帳面價值在退出 2022 的青少年中期範圍內結束。由於這樣的 SI 現在可能以折扣其帳面價值進行交易，」卡納克爾說。
Silvergate's customer deposits fell 68% to $3.8 billion in the fourth quarter, indicating risk aversion in institutional crypto trading.
Silvergate 的客戶存款在第四季度下降了 68％，至 38 億美元，表明機構加密貨幣交易中的風險厭惡。
Despite the market disruption and the obstacles Silvergate has had to address, the company is still poised to offer abundant liquidity to digital asset customers.
儘管市場中斷和 Silvergate 必須解決的障礙，但該公司仍有望為數字資產客戶提供豐富的流動性。
By the end of the quarter, Silvergate had a strong balance sheet with a cash sum of $4.6 billion, exceeding their customer-related deposits. According to Canaccord, if the digital currency markets recover, Silvergate's deposits and revenue will likely follow suit.
截至本季末，Silvergate 擁有強勁的資產負債表，現金總額為 46 億美元，超過與客戶相關的存款。根據 Canaccord 的說法，如果數字貨幣市場復蘇，銀門的存款和收入可能會跟隨。
Silvergate is a provider of financial infrastructure solutions to the digital asset industry. Some of the most popular digital assets include Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH).
銀門是為數字資產行業提供金融基礎設施解決方案的提供商。一些最受歡迎的數字資產包括 比特幣 （加密貨幣：比特幣）和 以太坊 (加密貨幣:ETH).
Price Action: SI closed trading at $12.59 on Thursday evening, down 42% in the last 24 hours, according to Benzinga Pro data.
價格行動: SI 根據本辛加 Pro 的數據，週四晚上收盤交易價為 12.59 美元，在過去 24 小時內下跌了 42%。
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