Signature Bank’s Price Target Lowered to $137 From $205
<p>Deutsche Bank lowered its price target on <a href='https://financialmodelingprep.com/financial-summary/SBNY'>Signature Bank (NASDAQ:SBNY)</a> to $137 from $205 while maintaining its Buy rating.</p>
<p>This has been a challenging year for the company as shares have declined 65% year-to-date vs. a 20% decline for the S&P 500. According to the analysts, the weak performance beyond macro concerns can be attributed to a combination of negative crypto-related deposit outflows, slower interest-earning asset growth and negative sentiment around cryptocurrencies. On this last point, given the continued negative sentiment around crypto and near-term uncertainty, the company has decided to reduce its overall concentration in its crypto-related deposit portfolio.</p> 
<p>This will lead to a reduction in earnings in the near term, but the analysts mentioned that over time this will likely be viewed positively as crypto-related funding won't be such an outsized concentration.</p>

NASDAQ:SBNY