Crypto-Friendly Signature Bank Added to JPMorgan’s ‘Focus List’

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 growth of 5x in 2020 to more than $10B 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