Morgan Stanley raised the firm’s price target on Valley National (VLY) to $9 from $8.50 and keeps an Underweight rating on the shares. The events in the past week at New York Community Bancorp (NYCB) don’t change the firm’s view that working through CRE will be a long grind for the group, but with weakness accelerating for the next two to three quarters, adds the analyst, who remains In-Line on midcap banks with a skew to defensive names. For the midcap group, the firm is increasing price targets by a median 20% as it rolls its valuation year from 2024 to 2025.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
See Insiders’ Hot Stocks on TipRanks >>
Read More on VLY:
- Valley National shares to recover in coming days, says Keefe Bruyette
- Valley National selloff on NYCB earnings report ‘misplaced,’ says Citi
- Valley National price target lowered to $12 from $12.50 at Stephens
- Valley National Bancorp Offers Non-Commital Presentation Materials
- Valley National reports Q4 adjusted EPS 22c, consensus 25c