Valley National Bancorp upgraded to outperform, stock rises

Valley National Bancorp stock
VLY,
-0.26%
was up 4.3% in premarket trades on Tuesday after Hovde Group upgraded the company to outperform from market perform, with a price target of $11.50 a share. While the stock has risen 10% in the last eight trading days, “we see more room to run at this price level,” said Hovde analyst Nick Cucharale. Hovde expects the company’s net interest income to trough in the third quarter at $417 million with a “modest rise” in the fourth quarter.