New York Community price target lowered to $3.75 from $7.50 at Keefe Bruyette

Keefe Bruyette lowered the firm’s price target on New York Community Bancorp to $3.75 from $7.50 and keeps a Market Perform rating on the shares. The analyst says last week’s capital raise was “significant and very expensive,” but also necessary to strengthen the balance sheet and begin to restore investor confidence. The firm sees a range-bound stock in the near term between $3.00 and $4.00 and now models a 6.2% return on equity for 2025.