Valley National price target lowered to $12 from $13 at JPMorgan

JPMorgan analyst Steven Alexopoulos lowered the firm’s price target on Valley National to $12 from $13 and keeps a Neutral rating on the shares. Heading into 2023, the analyst remains bearish on regional bank stocks and sees the sector as being "particularly vulnerable" to significant negative earnings revisions over the next several quarters. With the two earnings "needle movers" for regional banks being net interest margins and credit quality, Alexopoulos sees each of these risk factors as being skewed to the downside in terms of earnings impacts.