Valley National upgraded to Buy from Hold at Truist

Truist upgraded Valley National (VLY) to Buy from Hold with a price target of $11, up from $10. Following the Q2 report, the firm has increased conviction that Valley can approach its profitability target of 15% return on tangible common equity in the coming years. The bank faces tailwinds on both assets and liabilities which should drive net interest margin expansion, the analyst tells investors in a research note. Truist also believes Valley’s credit is positioned to be better than feared.