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Flagstar Bank, National Association (NYSE:FLG) has had its price target lowered by TD Cowen. The firm cut its target from $17.00 to $16.00 in a research note issued on Monday. The note was reported by Benzinga.
TD Cowen kept its "buy" rating on the stock. This means the analysts still think the shares are a good investment, but they now see a little less room for growth than before.
This is the second time TD Cowen has lowered its target on Flagstar in a short period. In July, the firm cut its target from $18.00 to $17.00 and also kept its "buy" rating. The newest cut brings the target down by a total of $2.00 in about three months.
TD Cowen is not the only firm that cut its target on Monday. Barclays lowered its target from $17.00 to $15.00 and kept an "overweight" rating, which is similar to a "buy."
Not every move has been down. In June, Piper Sandler raised its target from $16.50 to $17.50 and also gave the stock an "overweight" rating. Overall, analysts still lean positive on the bank. Recent data shows an average price target of about $15.76, with a high of $18.00.
Flagstar shares have been trading below most analyst targets. One recent quote showed a share price of about $11.56. TD Cowen's new $16 target is still well above that level, which is why the firm keeps a positive view even after cutting.
A price target is an analyst's estimate of where a share price could be in about a year. When a target goes down, it often means the analyst expects slower growth or sees more risk. But a "buy" rating shows that the firm still believes the stock has room to rise from today's price.
Investors will likely watch the bank's next earnings report to see if more analysts follow with further cuts, or if the mood starts to improve.
This article is for information only and is not financial advice. Analyst price targets are opinions and can be wrong.
For more coverage of this story, read the original report at Defense World.
