Valley National price target lowered to $14 from $16 at Morgan Stanley

Morgan Stanley lowered the firm’s price target on Valley National (VLY) to $14 from $16 and keeps an Overweight rating on the shares. The median bank stock in the firm’s coverage is down by 5% over the past 30 days amid concerns about the potential impact of the ongoing Middle East conflict on economic growth and inflation, as well as market concerns on private credit headlines, notes the analyst, who is reducing price targets across the group by 9% on average as the firm applies lower target valuation multiples to reflect higher risk in the environment.