Why New York Community Bancorp Zoomed Higher This Week

A troubled company in turnaround, New York Community Bancorp (NYSE: NYCB) has been one of the least popular banking stocks on the market in recent times. However, one analyst believes the shares are now priced fairly, as he recently upgraded his recommendation on the stock to the equivalent of a hold. This helped the company's stock book a nearly 9% gain in price across this week, according to data compiled by S&P Global Market Intelligence.That upgrade occurred in the wee hours of Tuesday morning, and came from Raymond James Financial's Steve Moss. Although Moss shifted his recommendation on New York Community Bancorp from the previous underweight (sell, in other words), he did not place a price target on the shares. Tuesday was the day before the Federal Reserve (Fed) pulled the lever on its 50-basis-point interest rate cut; the analyst's move was made in anticipation of the regulator's reduction. Although economists and other pundits varied in their estimates for how deep the cut would go, the vast majority expected some degree of chop.Continue readingWeiter zum vollständigen Artikel bei MotleyFool Weiter zum vollständigen Artikel bei MotleyFool