TD Cowen initiated coverage of Valley National with a Buy rating and $14 price target The firm rolled out coverage on the mid and small cap banks with a bullish view. The group is trading at a “sizable valuation discount” to historical averages, with catalysts ahead from improving net interest margins, renewed loan growth, and banks “going on offense with capital.” TD sees one of the most attractive entry points in decades for the group. The firm’s top picks, in order, are Western Alliance (WAL), Customers Bancorp (CUBI), East West Bancorp (EWBC), MVB Financial (MVBF), Live Oak Bancshares (LOB), Valley National (VLY), and Atlantic Union (AUB).
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Read More on VLY:
- Valley National Bancorp: Positioned for Growth with Improved Profitability and Buy Rating
- Valley National upgraded to Buy from Hold at Jefferies
- Valley National upgraded to Buy from Neutral at Citi
- Valley National price target raised to $13 from $11 at Truist
- Valley National initiated with an Outperform at Hovde Group