JPMorgan thinks there's a buying opportunity in regional bank Valley National.
The bank upgraded Valley National Bancorp to overweight from neutral Monday with a $10 per share price target. JPMorgan's forecast implies 25% upside from the stock's $8 close on Friday. Analyst Steven Alexopoulos noted that Valley National's exposure to the commercial real estate market is reasonably below peers which could shield the firm from loan headwinds.
2mm ," Alexopoulos said. The analyst added that, "Given the focus of the bank on its own local suburban office markets and on developing relationships with borrowers, it is common for the bank to ask for personal guarantees which is a valuable tool to bring borrowers to the table in the situation of stress." Valley National shares have tanked more than 29% in 2023.
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