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UPDATE: Jefferies Reiterates Hold Rating, Lowers PT on Astoria Financial Corp.

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In a report published Friday, Jefferies reiterated its Hold rating on Astoria Financial Corp. (NYSE: AF), but slightly lowered its price target from $10.00 to $9.00.

Jefferies noted, “We cut estimates to $0.40/$0.40 from $0.60/$0.55 for 2013/2014, respectively, to account for a smaller-than-expected balance sheet and the new business banking expansion initiative, which will drive expenses higher. At 0.9x tangible book, valuation metrics look vulnerable given a 3.5% tangible ROE profile, but downside is limited as market assigns some value to ROE expansion under a balance sheet restructuring.”

Astoria Financial Corp. closed on Thursday at $9.74.

Latest Ratings for AF

Aug 2016Keefe Bruyette & WoodsMaintainsMarket Perform
Feb 2016MacquarieMaintainsNeutral
Nov 2015BarclaysMaintainsEqual-Weight

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