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Metropolitan Bank price-target, estimates cut by KBW on volatile crypto market

Published 08/20/2018, 11:51 AM
Updated 08/20/2018, 11:51 AM
© Reuters.  Metropolitan Bank price-target, estimates cut by KBW on volatile crypto market
  • Metropolitan Bank (MCB -2.4%) price target cut to $55 from $66 and 2018 EPS estimate trimmed by 15% by KBW analyst Collyn Gilbert, Bloomberg reports.
  • Notes Q2 EPS slid 6.5% from Q1 as fee income fell by half, almost completely from lower crypto transaction income.
  • Gilbert sees lower activity likely to persist after two very strong quarters were driven by excess digital currency transactions.
  • Cuts 2019 EPS estimate by 20%.
  • Previously: Can cryptocurrencies recover? (Aug. 16)
  • Previously: Metropolitan Bank misses by $0.11, misses on revenue (July 25)
  • Now read: Annaly Capital extends offer for MTGE Investment shares again


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