SVB Financial gets downgraded at Raymond James and Truist as reports by Bloomberg and The Wall Street Journal spark concerns about liquidity.
SVB Financial Group stock tumbled more than 42% in premarket trades Friday on fears of a run on the bank, as analysts downgraded the company and reports surfaced of funds advising clients to pull their money from the parent company of Silicon Valley Bank.
Founders Fund, the San Francisco-based venture-capital fund co-founded by Peter Thiel, has advised companies to pull their money, according to a Bloomberg News report citing people familiar with the matter. The steep losses Friday came after SVB Financial SIVB ended down 60% in the regular trading day after it disclosed large losses from securities sales and announcing a dilutive stock offering along with a profit warning.
“They are more diversified with broader business models, have a lot of capital, are much better managed in regards to risk, and have a lot of oversight from regulators,” Juneja said.
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