JPMorgan upgraded New York Community Bancorp to Overweight from Neutral with a price target of $16, up from $13. With the bank’s Q2 marking the first quarter to include a full quarter of impact from the recently added Signature teams, the firm now has a better picture of the earnings potential of the combined company, and its 2023-2024 earnings estimates moved much higher. With the stock increasing only 5% in response to the quarter, it finds an “even more attractive valuation post the quarter.”
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