Wedbush Securities on Tuesday downgraded New York Community Bancorp to underperform from neutral in its second ratings cut this month of the lender on the bank’s exposure to fixed-rate rental units against inflationary price pressure.
Analyst John Chiaverini cut his price target for New York Community Bancorp NYCB to $8 a share from $12 and said the bank faces “sizable exposure” to the rent-regulated multifamily lending market in New York City.
“While…
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