Raymond James analyst David J. Long on Monday reiterated a strong buy rating on Signature Bank SBNY, -0.90% after the shares have fallen steeply in recent weeks on jitters tied to crypto currencies. He lowered his price target to $305 a share from $350 a share. “[The] impact of digital currency volatility on Signature is overblown,” Long said. “While the bank has exposure to the digital currency ecosystem as the leading depository bank, we see little, if any, earnings per share, credit and capital risk for Signature.” Long said the bank’s other core businesses “continue to perform well” and that its “superior growth profile” remains in place. Shares of Signature Bank rose 1.5% in premarket trades. The stock is down nearly 41% in 2022, compared to a drop of 17.9% by the S&P 500 SPX, -2.01%.
Nike Inc. late Monday reported quarterly earnings above Wall Street expectations and said its board approved a new, $18 billion share buyback program, sending the apparel maker's shares higher in the after-hours session.
Steve Gelsi covers banking and cannabis as a Senior Reporter for MarketWatch.
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