New York-based Signature Bank has been added to JPMorgan’s list of recommended products on Tuesday.
- JPMorgan analyst Steven Alexopoulos added Signature Bank (SBNY) to its “focus list,” saying the bank is “positioned to ride the crypto wave.”
- A focus list highlights recommended stocks published by the investment firm’s research department.
- Deposit five-times growth in 2020 to more than $10 billion has “caught investors by surprise and triggered many questions about the opportunity for growing this newer business.”
- Bank’s shares have had “very strong outperformance” year to date: Alexopoulos.
- “Overweight” rating maintained, with price target of $250 a share, versus $195 now.
Read more: Signature Bank Adds $2.5B in Non-Interest Bearing Deposits in Q4