Raymond James upgrades New York Community into interest rate cuts

Raymond James upgraded New York Community Bancorp to Market Perform from Underperform without a price target. The firm sees “increased merit to owning liability-sensitive” banks or those with beneficial securities and deposit repricing dynamics into the rate cuts from the Federal Reserve. The analyst is more positive on New York Community, saying lower interest rates support a better outlook. Raymond James continues to believe a turnaround “will take an extended period,” however, and says New York Community’s stock is highly sensitive to changes in rates. The stock in premarket trading is up 1.5% to $11.59.