Valley National shares rise as Jefferies upgrades to 'buy'

Shares of regional lender Valley National Bankcorp VLY.O rise 2.1% to $11.04 premarket after Jefferies upgrades to 'buy' from 'hold'

Brokerage also raises PT to $14 from $11; new PT represents a nearly 30% rise from last close

Brokerage believes VLY on path to achieve 15% Return on Tangible Common Equity (ROTCE) by mid-2028

Brokerage says stabilizing commercial real estate (CRE) balance could help alleviate credit pressures that could also be aided by lower interest rates

Jefferies says loan growth could accelerate from low-single digits in 2025 to mid-single digits or higher in 2026 and expects co to maintain strong expense control even as revenue increases helps to aid in VLY's profitability

Nine of 12 brokerages rate the stock "buy" or higher, three "hold"; median PT is $11.75- data compiled by LSEG

Up to last close, stock up nearly 20% YTD