** Morgan Stanley upgrades regional lender Valley National Bancorp VLY.O to "overweight" from "equal weight" rating, citing balance sheet improvement
** Highlights VLY's "significant" actions to reduce its concentration in commercial real estate, increase reserve ratio, and build capital
** Adds, bank has driven down deposit costs to improve net interest margin $(NIM)$
** "We have high conviction in our 30% EPS growth forecast for 2026 driven by higher NIM, lower deposit costs, normalized provision and accelerating loan growth" - Brokerage
** Brokerage raises PT to $11 from $10, a nearly 17.8% upside on stock's last close
** Five of 11 brokerages rate it "buy" or higher, six "hold"; median PT $10 - data compiled by LSEG
** As of last close, stock up about 3.1% YTD
(Reporting by Prakhar Srivastava in Bengaluru)
((Prakhar.srivastava2@thomsonreuters.com))
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