UPDATE: Credit Suisse Downgrades New York Community Bancorp from Outperform to Neutral
Credit Suisse downgrades New York Community Bancorp (NYSE: NYB) from an Outperform to a Neutral rating and lowers its price target from $17 to $14.
Credit Suisse comments, “We are reducing our target price to $14 (from $17), which is based on relative price/tangible book value multiples versus expectations for forward return on tangible equity and forward price/earnings multiples. Our target equates to a P/E of 12x our 2013 EPS estimate and a P/TBV of 1.9x our 2013 TBV/share estimate which we deem appropriate given our expectations for operating ROTEs of 16% in each of 2012 and 2013.”
New York Community Bancorp closed at $12.83 on Friday.
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