New York Community Bancorp price target raised to $11.50 from $10 at UBS

UBS analyst Brody Preston raised the firm’s price target on New York Community Bancorp to $11.50 from $10 and keeps a Buy rating on the shares in the wake of the company’s purchase of the remaining deposits of Signature Bridge Bank, N.A. The deal is a vote of confidence from regulators as it relates to NYCB‘s balance sheet and management team, and the pro forma balance sheet improvements should accelerate the bank’s transition from a thrift to a true commercial bank, the analyst tells investors in a research note.