New York Community target raised for stock split at Keefe Bruyette

Keefe Bruyette analyst Christopher McGratty raised the firm’s price target on New York Community Bancorp to $11.25 from $3.75 and keeps a Market Perform rating on the shares. The target change solely reflects the 1-for-3 reverse stock split that took effect on July 11, the analyst tells investors in a research note. The firm says that while the prospects for lower interest rates may continue to support the stock, “that is not enough by itself for” it to get more constructive “given the uphill battle to restoring profitability that still exists today.”