RBC Capital lowered the firm’s price target on Valley National to $8 from $9 and keeps an Outperform rating on the shares as part of a broader research note previewing Q2 earnigns among small / regional banking names. The timing of the Fed’s interest rate path remains uncertain, but the firm continues to believe that net interest income path should be favorable for many regionals in a high for longer environment, the analyst tells investors in a research note. Credit quality remains the medium-term question, particularly in commercial real-estate, but the firm expects trends to remain “similar to recent quarters”, RBC added.
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