Valley National price target raised to $14 from $13 at Morgan Stanley

Morgan Stanley analyst Manan Gosalia raised the firm’s price target on Valley National (VLY) to $14 from $13 and keeps an Overweight rating on the shares. A steepening yield curve with lower short end rates is “an ideal backdrop for Midcap Banks,” says the analyst, who is upgrading the industry view to Attractive. The midcap banks group has underperformed year-to-date, setting up “a compelling buying opportunity,” the analyst tells investors.