03:25 PM EDT, 05/01/2024 (MT Newswires) -- CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows:

We decrease our 12-month target price by $0.50 to $3.50, applying a forward P/E of 9.2x our 2025 EPS estimate, below NYCB's five-year forward average of 11.8x given increased risk. We lower our 2024 EPS estimate by $1.07 to -$0.46 and 2025's by $0.45 to $0.38. NYCB posted Q1 adjusted EPS of -$0.25 vs. $0.23 a year ago, $0.12 lower than consensus. As expected, it was a tough quarter as net interest income plummeted 16% Q/Q and nonperforming assets surged to 0.72% vs. 0.39% in Q4. Additionally, loan balances fell 3%, while deposits dropped 8%. Still, we were encouraged with the new management team as they took full responsibility for prior missteps and laid out a three-year base case financial forecast for NYCB. This was vastly different than First Republic (management skipped Q&A on its earnings call following its missteps) as NYCB's management did not shy away from any questions with a refreshing one hour of Q&A on today's call. It's a step in the right direction, but talent attrition remains a concern.