total-news-1024x279-1__1_-removebg-preview.png

LANGUAGE

Another Downgrade Hits New York Community Bancorp (NYSE:NYCB), Shares Recover Anyway – TipRanks.com – TipRanks

New York Community Bancorp (New York Stock Exchange: New York CB) Shares soared nearly 15% in the final minutes of trading Friday, despite criticism from analysts and a credit downgrade. On Thursday, NYCB suffered its third straight credit downgrade, as Morningstar joined the frenzy of credit cuts started by Moody’s and taken over by Fitch.

Morningstar downgraded its own rating, noting that although New York Community’s liquidity appears to be in good enough shape, customers may still be spooked by what appears to be a bank failure that is already underway. Ta. Such concerns could create a self-fulfilling prophecy that leaves savers and investors alike crying out for an exit.

scream for the entrance instead

The recent drop in stock prices following the first two interest rate cuts has meant that stocks have fallen to such an extent that they have never been this cheap in years. Decades actually. According to the report, stock prices had been falling around 1997 levels for some time. This is a proposition too appealing to some, especially given that the New York community has come back to point out that it has enough liquidity to deal with virtually any problem it encounters. It has been found.

What is the target price for NYCB stock?

Turning to Wall Street, analysts are bullish on NYCB stock based on 1 buy, 12 hold, and 1 sell assignments over the past three months, as shown in the chart below. We have a Hold consensus rating. NYCB’s average price target of $6.42 per share implies an upside potential of 31.56%, after the stock price has declined 47.08% over the past year.

disclosure

Facebook
Twitter
LinkedIn
Reddit
Telegram
WhatsApp

SUBSCRIBE TO

Sign up to stay informed to breaking news