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Valley National upgraded to Overweight from Neutral at JPMorgan
The Fly

Valley National upgraded to Overweight from Neutral at JPMorgan

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.

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