Valley National downgraded to Neutral from Overweight at Piper Sandler

Piper Sandler analyst Frank Schiraldi downgraded Valley National to Neutral from Overweight with a price target of $11, up from $10. The analyst sees only modest upside to the shares after reducing 2023 expectations modestly post the Q2 results to reflect the lower run rate in the quarter. The bank’s increased brokered deposit levels “give us some pause in affording Valley a peer multiple,” the analyst tells investors in a research note.