As previously reported, BofA downgraded New York Community Bancorp to Neutral from Buy with a price target of $5, down from $8.50. The firm believes the persistent selloff in the stock over the last two days is tied to perceived risks about commercial real estate, or CRE, and the heightened regulatory scrutiny the bank faces. While the firm thinks the bank has enough liquidity to navigate the current period, the bank’s EPS power and strategic outlook are now “muddied,” the analyst tells investors.
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