As previously reported, Sandler O'Neill analyst Frank Schiraldi upgraded Oritani Financial (ORIT) to Buy from Hold to align his rating on the stock with his rating on Valley National (VLY), which has agreed to buy Oritani. Though Schiraldi said the transaction represents a low premium deal, he believes a takeout premium was already built into Oritani shares. He would be surprised if there were any buyers that have not already been accounted for given "how persistently" management at Oritani has commented about "all M&A options" being open, the analyst added. He raised his price target on Oritani shares to $19 from $17, based on his Valley price target of $12.