Barclays lowered the firm’s price target on Valley National to $7 from $8 and keeps an Underweight rating on the shares as part of a Q2 earnings preview for the mid-cap banks. Credit is expected to remain benign across the group, the analyst tells investors in a research note. The firm says Q2 has been “relatively uneventful” for the space, which it views as a positive into the quarter. Barclays is tactically positive on Synovus Financial (SNV), First Horizon (FHN) and Old National Bancorp (ONB) into earnings.
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