** Shares of regional lender New York Community Bancorp

jump as much as 9.4%; last up 8.1% at $11.53

** Barclays upgrades rating on NYCB stock to "overweight" from "equal weight"; raises PT to $14 from $10, a 31% upside to stock's last close

** While the path ahead remains challenging for NYCB, the bank is now more firmly positioned as the "heavy lifting" is completed - brokerage

** Barclays adds that NYCB is well on its way to completing the targeted restructuring and recapitalization of the balance sheet

** Brokerage says that recent hires in commercial lending and wealth management show that NYCB's focus has clearly shifted from what had been a commercial real estate-focused lender

** NYCB's borrowers have been under pressure from higher rates, prompting it to conserve capital and set aside bigger provisions for loan losses

** Three of 16 brokerages rate stock "buy" or higher and 13 "hold"; their median PT is $12 - LSEG data

** As of last close, NYCB shares down 65.3% YTD

(Reporting by Arasu Kannagi Basil in Bengaluru)

((ArasuKannagi.Basil@thomsonreuters.com;))