Valley National upgraded to Strong Buy from Market Perform at Raymond James

Raymond James double upgraded Valley National (VLY) to Strong Buy from Market Perform with a $15 price target The bank has “clearly shifted to offense” with reserve building and balance sheet “de-risking,” the analyst tells investors in a research note. The firm says Valley’s loan growth is inflecting, its net interest margin momentum is “increasingly visible,” and its credit costs having peaked. The company’s operating leverage is set to improve and its capital flexibility adds share repurchases to the mix, Raymond James adds. It believes the bank has “reached a fundamental turning point.”