Jefferies Starts Astoria Financial (AF) at Hold, Says Bear Overdone

Jefferies initiated coverage on Astoria Financial (NYSE: AF) with a Hold and a price target of $11.00.

"Despite our expectation for continued asset yield compression, we like AF's chances to surprise the street with modest NIM expansion given CRE/multifamily production humming along at $500m/qtr and half the CD portfolio repricing lower in the next year, which should allow AF to overcome resets within the jumbo ARM portfolio," said analyst Casey Haire.

Haire thinks positive estimate revisions could deliver a modest short-covering rally, but a tangible book multiple larger than 1x is probably not in the cards.

For an analyst ratings summary and ratings history on Astoria Financial click here. For more ratings news on Astoria Financial click here.

Shares of Astoria Financial closed at $10.17 yesterday.

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