Citi kept a Neutral rating on New York Community Bancorp with a $3.50 price target following a change in analysts. While the $1.05B of equity investment quells most near-term multi-family and commercial real estate credit fears, Citi continues to see net interest income downside even though New York Community disclosed deposit runoff in the quarter, the analyst tells investors in a research note. The firm sees better risk/reward elsewhere in the sector.
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