Morgan Stanley Downgrades Valley Ntl to Underweight, Raises Price Target to $8.5
Portfolio Pulse from Benzinga Newsdesk
Morgan Stanley analyst Manan Gosalia has downgraded Valley National Bancorp (NASDAQ:VLY) from Equal-Weight to Underweight, while raising the price target from $8 to $8.5.
September 27, 2023 | 9:51 am
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NEGATIVE IMPACT
Valley National Bancorp's stock rating has been downgraded to Underweight by Morgan Stanley, which could negatively impact the stock's performance. However, the raised price target may offset this to some extent.
The downgrade to Underweight suggests that Morgan Stanley expects Valley National Bancorp's stock to underperform compared to other stocks. This could lead to selling pressure, negatively impacting the stock's price. However, the raised price target indicates an expectation of potential upside, which could mitigate some of the negative impact.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100