Crypto bank Silvergate Capital snags new Buy rating at BofA with $200 price target

Silvergate Capital (NYSE:SI) got initiated with a Buy rating at Bank of America due to its alternative way to gain exposure to the cryptocurrency ecosystem, BofA analyst Brandon Berman wrote in a note to clients Monday. SI stock is inching higher by 1.6% in premarket trading, while bitcoin (BTC-USD -1.2%) ticks down to $41.2K per token. Following its acquisition of the intellectual property and other technology assets from Diem Group at the end of January, "SI is one of the best positioned companies to benefit from the expanding use of stablecoin for payment, commerce, and remittance," Berman highlighted. In addition, Silvergate (SI), a regulated financial institution, "is better prepared to navigate" the broadly uncertain regulatory environment for the crypto space, Bermain added. Berman applied a $200 per share price target for SI shares, implying ~50% upside from Friday's close. He forecasted the lender to grow its balance sheet five times faster than