Valley National Bancorp rises after J.P. Morgan upgrades stock

Valley National Bancorp

11/11/2024 12:29

** Shares of Valley National Bancorp  VLY.O  rise ~3% to
$10.25 in premarket trading
    ** J.P. Morgan upgrades stock to "overweight" from
"neutral", bumps up price target by 50 cents to $11
    ** Brokerage "encouraged" by the progress VLY has made on
reducing its commercial real estate (CRE) loan concentration
    ** Also lauds VLY's decision to raise up to $400 mln via a
stock sale
    ** However, there is "still work to be done in 2025 in terms
of further reducing the company's CRE concentration", J.P.
Morgan adds
    ** Four of 11 brokerages rate VLY "buy" or higher while the
rest "hold"; median PT is $10.50 - data compiled by LSEG
    ** Stock down 8.3% YTD, as of last close

 (Reporting by Niket Nishant in Bengaluru)
 ((Niket.Nishant@thomsonreuters.com))