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Fly News Breaks for December 20, 2016
AF, NYCB
Dec 20, 2016 | 15:14 EDT
Morgan Stanley analyst Ken Zerbe downgraded New York Community Bancorp (NYCB) to Equal Weight from Overweight, with a price target of $15.50, after the boards of New York Community Bancorp and Astoria (AF) decided to terminate their acquisition agreement, creating headwinds in New York Community shares. Zerbe noted that while valuation is "inexpensive," it could "remain at a discount" until it can articulate a growth strategy and path to becoming a SIFI bank without acquiring its way over the threshold.
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