Valley National price target lowered to $10 from $10.50 at Citi

Citi lowered the firm’s price target on Valley National (VLY) to $10 from $10.50 and keeps a Neutral rating on the shares. The firm believes Valley’s Q4 results are likely to “prove mixed” in terms of total operational trends, but says the bank continues to make progress on its longer-term goals. Valley’s net loan growth is likely to be down modestly in Q4 while “solid” deposit pricing trends should support a modest lift in net interest income, the analyst tells investors in a research note. Citi thinks a continued uptick in credit and elevated loan loss provision expense will likely weigh on the overall share price reaction.