New York Community Bancorp upgraded to Overweight from Equal Weight at Barclays

Barclays upgraded New York Community Bancorp to Overweight from Equal Weight with a $14 price target. The firm sees a favorable risk/reward at current share levels. The bank has established a “solid footing” as its added multiple new management and raised capital via a common and convertible preferred offering, the analyst tells investors in a research note. The analyst believes New York Community is “well on its way” to completing the targeted restructure and recapitalization of the balance sheet, but admits there are still challenges ahead.