Valley National price target lowered to $10 from $11 at RBC Capital

RBC Capital analyst Jon Arfstrom lowered the firm’s price target on Valley National to $10 from $11 and keeps an Outperform rating on the shares as part of a broader research note previewing Q3 earnings for Regional Banks. The industry and investors have evolved beyond the liquidity concerns from earlier this year, but revenue headwinds from lingering deposit pricing competition, negative funding mix changes, and slowing loan growth continue to be headwinds for the sector, the analyst tells investors in a research note. RBC adds however that the trough on some of these issues may be near, with margin and revenue pressures also seen as abating.