and has in the past praised the Santa Clara, California-based company's deep ties with the venture capital community and their portfolio companies.
Bove is pessimistic overall about the state of the global economy. Instead of obsessing over when the Fed will pivot on its dramatic interest rate increases to fight inflation or whether the stock market has hit bottom, Bove says the media and investors should be asking whether Russia and China's rise in power has destroyed the free flow of capital around the world and the ability to make products globally.
Bove's prediction of a major economic shift, if true, would be troubling for the entire Bay Area economy, given the region's reliance on technology as an economic driver. And despite his downcast report, Bove maintained his hold rating on SVB's stock. Investors seem to be a bit more optimistic. After SVB's shares lost two-thirds of their value last year, they're up nearly 11% so far this year, closing Wednesday at $254.99 a piece.
Source: News Formal (newsformal.com)
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