New York Community Bancorp price target lowered to $7 from $11 at Citi

Citi lowered the firm’s price target on New York Community Bancorp to $7 from $11 and keeps a Neutral rating on the shares. The stock has significantly underperformed since the bank reported Q4 earnings after missing expectations on net interest income, credit, and expenses, and then slashing the dividend, the analyst tells investors in a research note. The firm views of view New York Community’s normalized return on tangible common equity is in the 8%-10% range. It sees better risk/reward elsewhere in the space.