Wedbush Downgrades New York Community: Here's What You Need To Know
Portfolio Pulse from Benzinga Insights
Wedbush has downgraded New York Community Bancorp Inc (NYSE:NYCB) from a previous rating to Underperform, with a new price target set at $8.00, down from $12.00. The current trading price of NYCB shares is $9.01, and the new price target suggests a potential decrease of 11.21%. New York Community Bancorp operates as a bank holding company with multiple divisions across various states.
November 14, 2023 | 5:00 pm
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Wedbush downgraded New York Community Bancorp to Underperform with a lower price target of $8.00, indicating a potential 11.21% decrease from the current price of $9.01.
The downgrade by Wedbush is a significant negative sentiment indicator for NYCB, suggesting that the analysts see underlying issues or challenges that could affect the stock's performance. The new price target is substantially lower than the current trading price, which could lead to a decrease in the stock price in the short term as investors adjust their expectations.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100