New York Community Bancorp price target raised to $10.50 from $9.50 at JPMorgan

JPMorgan analyst Steven Alexopoulos raised the firm’s price target on New York Community Bancorp to $10.50 from $9.50 and keeps a Neutral rating on the shares after the company announced the acquisition of $38B in assets and $34B in deposits from Signature Bridge Bank. New York Community has overnight become a $120B-plus asset size bank and has shored up its funding profile all while driving down its loan to deposit ratio from 118% to 88%, the analyst tells investors in a research note. However, the firm believes the stock’s very favorable response to the transaction "captures the estimated financial benefits of the transaction."