Morgan Stanley raised the firm’s price target on Cadence Bank to $27 from $24 and keeps an Equal Weight rating on the shares. The events in the past week at New York Community Bancorp (NYCB) don’t change the firm’s view that working through commercial real estate will be a long grind for the group, but with weakness accelerating for the next two to three quarters, adds the analyst, who remains In-Line on midcap banks with a skew to defensive names. For the midcap group, the firm is increasing price targets by a median 20% as it rolls its valuation year from 2024 to 2025.
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