However, the downgrade doesn’t mean the analyst is giving up completely on the stock. “As SI’s shares have fallen, we have defended the bank’s management, operating platform, role within FTX’s platform, and strength of their balance sheet. We still feel validated on these positions,” Perito wrote. However, the volatility in crypto industry in the wake of FTX bankruptcy “made utilizing fundamental valuation models challenging” for the next twelve-months for the stock, he noted.
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