New York Community Bancorp price target lowered to $5 from $7 at RBC Capital

RBC Capital lowered the firm’s price target on New York Community Bancorp to $5 from $7 and keeps a Sector Perform rating on the shares after the company’s announced equity raise and dividend cut. the analyst tells investors in a research note. The equity raise “meaningfully” improves the bank’s capital ratios and confidence in the company, and also adds the ability to increase loan loss reserves, which is likely to be seen with Q1 earnings, the analyst tells investors in a research note.