New York Community Bancorp’s stock ‘untethered from fundamentals,’ analyst says in downgrade

New York Community Bancorp was downgraded to neutral from buy at D.A. Davidson partly because its stock is “trading untethered from fundamentals,” according to the firm’s analyst.

D.A. Davison’s Peter Winter cut his price target for New York Community Bancorp
to $5 from $8.50 a share after a flurry of fresh developments at the bank, including its report of a rise in deposits and its aim to name a new chief risk officer in the near future.

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