Valley National initiated with a Strong Buy at Raymond James

Raymond James analyst Steve Moss initiated coverage of Valley National with a Strong Buy rating and $14 price target. Valley National’s management has transformed the bank from a slower growth, high dividend payer thrift-like bank, to a more dynamic commercially focused bank through acquisitions and management initiatives, Moss tells investors in a research note. The recent purchase of Bank Leumi and an emphasis on tangible book value growth, sustaining a sub-50% efficiency ratio, and a history of conservative underwriting, should position the bank well to manage through a difficult and uncertain environment, Moss contends.