Why SVB Financial Group Stock Soared 7% Higher This Week
Things were looking up for banker to the Silicon Valley tech stars SVB Financial Group (NASDAQ: SIVB) this week. Across that stretch, the veteran financier's stock rose by just under 7%, data compiled by S&P Global Market Intelligence reveal. At the end of the week, a major price-target increase from an analyst indicated growing confidence in its prospects.
Friday morning before market open, Raymond James' David Long made a heavy lift to his SVB price target. Long added nearly $100 to his level; he's now pegged the stock as being worth $375 per share. Previously, he felt its fair value was $285. He maintained his outperform (i.e., buy) recommendation on the shares.
The motivation behind the price-target hike wasn't immediately obvious, but at the same time, it's not particularly surprising.
Source Fool.com
