Piper Sandler Downgrades New York Community Bancorp (NYCB) to Neutral, 'Whack-a-Mole Continues'

Piper Sandler analyst Mark Fitzgibbon downgraded New York Community Bancorp (NYSE: NYCB) from Overweight to Neutral with a price target of $5.00 (from $8.00).

The analyst comments "The whack-a-mole at New York Community continues. We had thought that the bad news was behind for the company. Today’s announcements give us concern that there could be more issues coming down the pike for the company and hence we are reducing our rating from Overweight to Neutral. We are adjusting our price to $5.00, which assumes shares trade to ~52% of our estimate of TBVPS in one year's time, down from ~76% to reflect the heightened uncertainties."

For an analyst ratings summary and ratings history on New York Community Bancorp click here. For more ratings news on New York Community Bancorp click here.

Shares of New York Community Bancorp closed at $4.79 yesterday.

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