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

Morgan Stanley analyst Manan Gosalia raised the firm’s price target on Valley National (VLY) to $16 from $14 and keeps an Overweight rating on the shares. The firm is increasing price targets by a median 8% across the midcap banks group. While noting that recent outperformance means “the bar is higher from here,” the firm remains optimistic on the group, citing tailwinds from loan growth, net interest margin and capital return.