Piper Jaffray analyst Matthew Breese remains positive on shares of Valley National Bancorp and believes the company's outlined cost cutting efforts will drive better long term profitability and a better valuation. The analyst does not believe the company's initiatives are fully reflected in Street expense forecasts. Breese would be long Valley shares into the quarter given room for improvement on expense estimates and new details on the forthcoming branch strategy. He thinks confusion has created a buying opportunity and keeps an Overweight rating on Valley National with a $15 price target.