Valley National price target lowered to $9 from $12 at JPMorgan

JPMorgan lowered the firm’s price target on Valley National to $9 from $12 and keeps a Neutral rating on the shares as part of a Q1 earnings preview for the mid- and small-cap banks. Once the Federal Reserve starts to lower interest rates, the banks should see a “powerful valuation reset,” the analyst tells investors in a research note. The firm sees “significant upside potential” with several catalysts now in sight for the banks and keeps a bullish sector stance.