Raymond James analyst Steve Moss resumed coverage of New York Community Bancorp (NYCB) with a Strong Buy rating and $13 price target. Raymond James believes the potential upside to earnings from the acquisition of Signature (SBNY) loans and deposits is substantial and underappreciated by the market, and estimates the deal has the potential to be 20%-30% accretive to 2024 estimates, the analyst tells investors in a research note. The deal also has the potential to add $1B-$1.3B of net interest income, allows the bank to potentially eliminate high cost borrowings, and diversify its business lines, the firm contends.
Published first on TheFly
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