Valley National upgraded to Buy from Hold at Jefferies

Jefferies upgraded Valley National (VLY) to Buy from Hold with a price target of $14, up from $11. The bank has a “visible path” to achieve its 15% return on tangible common equity target by mid-2028, the analyst tells investors in a research note. The firm sees Valley National posting net interest margin gains, better credit costs, tight expense control, and stronger loan growth. It expects these to close the bank’s valuation gap versus peers.