SVB Financial Group Receives Neutral Rating from DA Davidson (SIVB)
SVB Financial Group (NASDAQ:SIVB)‘s stock had its “neutral” rating reiterated by DA Davidson in a research note issued on Friday, Stock Ratings News reports. They currently have a $100.00 price target on the stock, up from their previous price target of $93.00. DA Davidson’s price objective indicates a potential upside of 4.87% from the stock’s previous close.
The analysts wrote, “Maintaining NEUTRAL rating and raising price target from $93 to $100. Our $100 target represents a 25x multiple on our revised 2014 EPS estimate of $4.06 (which excludes warrant and securities gains) and 23x 2015E EPS of $4.32, in line with the current market multiple on SIVB’s forward earnings. The company’s 3-year trailing P/E ratio is 18.3x but it has risen this year as the market discounts a healthier environment, tech sector IPO activity, and higher interest rates. While tech IPO activity may continue to drive EPS growth, management suggested on the SIVB conference call that ‘more FireEyes’ are not probable over the next 12-18 months. SIVB reported 3Q13 EPS of $1.46, well above our $1.09 estimate due to the net positive impact of the FireEye IPO during the third quarter. The net pretax impact of this IPO was $31.9 million (~$0.45), consisting of equity warrant gains of $8.1 million and nonmarketable and other securities gains of $29.4 million (net of non-controlling interests.”
Shares of SVB Financial Group (NASDAQ:SIVB) traded up 1.80% during mid-day trading on Friday, hitting $97.08. 54,868 shares of the company’s stock traded hands. SVB Financial Group has a one year low of $52.40 and a one year high of $91.46. The stock’s 50-day moving average is $86.20 and its 200-day moving average is $77.62. The company has a market cap of $4.422 billion and a P/E ratio of 23.73.
SVB Financial Group (NASDAQ:SIVB) last announced its earnings results on Thursday, October 24th. The company reported $1.46 earnings per share for the quarter, beating the analysts’ consensus estimate of $1.44 by $0.02. During the same quarter in the previous year, the company posted $0.94 earnings per share.
A number of other analysts have also recently weighed in on SIVB. Analysts at Merrill Lynch initiated coverage on shares of SVB Financial Group in a research note to investors on Wednesday, October 9th. They set a “buy” rating on the stock. Separately, analysts at Zacks downgraded shares of SVB Financial Group from an “outperform” rating to a “neutral” rating in a research note to investors on Wednesday, October 9th. They now have a $92.00 price target on the stock. Finally, analysts at Bank of America Corp. initiated coverage on shares of SVB Financial Group in a research note to investors on Wednesday, October 9th. They set a “buy” rating and a $110.00 price target on the stock. Seven research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. SVB Financial Group has an average rating of “Hold” and a consensus target price of $89.09.
SVB Financial Group (NASDAQ:SIVB) is a diversified financial services company, as well as a bank holding company and financial holding company.
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