Signature is a leading bank for the crypto economy providing exposure to blockchain technology. Signature had historically been a NY focused commercial bank. Change started in 2018 and really got going in 2020 as the crypto business took off.
We see potential for large EPS upside and multiple expansion.
Crypto lending is a very large opportunity and is the critical bet. We are ~30% ahead of the street on EPS in the out years in our upside scenario.
Not much downside if Signature's crypto business does not execute.
Potential Upside: $421 (+66%)
Sensible Downside: $202 (-20%)
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