Confidence around the stock dropped after SVB Financial announced a plan to raise more than $2 billion in capital to help offset losses on bond sales.
Several Wall Street research firms downgraded SVB Financial after shares of the tech-focused bank plunged more than 60% during the previous trading session. Shares fell another 47% before the bell on Friday. Confidence around the stock dropped after SVB Financial, known as Silicon Valley Bank, announced a plan to raise more than $2 billion in capital to help offset losses on bond sales.
mountain SIVB falls "With the increasing risk of accelerated deposit outflows ... we believe there is too much uncertainty to recommend the stock to investors," King wrote in a Thursday note. "The stock reaction today is evident of concerns around the bank's liquidity and the potential for [held-to-maturity] securities sales, which could severely impair tangible capital and profitability.
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