RBC Capital raised the firm’s price target on Valley National (VLY) to $13 from $11 and keeps an Outperform rating on the shares as part of a broader research note previewing Q3 results for Regional Banks. The firm’s model revisions are “modest”, with outlooks seen as relatively stable from Q2 earnings, the analyst tells investors in a research note. RBC sees fundamentals being supported by margin momentum and strengthening loan growth, with key themes for the quarter being around growth expectations, margin outlook trends, and M&A discussions, the analyst added.
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