JPMorgan upgraded Valley National (VLY) to Overweight from Neutral with a price target of $11, up from $10.50, post the Q3 report. The firm walked away more encouraged by the progress Valley National has made on reducing its commercial real estate concentration as well as a path to continue building capital with its CET1 ratio increasing from 9.55% to 9.73% in Q3. The shares trading on an 2025 implied cost of equity now in the 9% range presents an opportunity to upgrade to name, the analyst tells investors in a research note.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on VLY:
- Valley National 42.8M share Spot Secondary priced at $9.35
- Valley National announces common stock offering, no amount given
- Buy/Sell: Wall Street’s top 10 stock calls this week
- Valley National upgraded to Equal Weight from Underweight at Barclays
- Valley National Bancorp Announces CFO Departure and Transition