North Fork Bancorp initiated with "neutral"

11/14/03 - Merrill Lynch

NEW YORK, November 14 (New Ratings) — Analysts at Merrill Lynch initiate coverage of North Fork Bancorp (NFB) with a “neutral” rating.

In a research note published this afternoon, the analysts mention that North Fork Bancorp is poised for continued market share gains in its loans and deposit businesses in the forthcoming years. The company’s stock has significantly appreciated this year, following its balance sheet restructuring initiatives in June, Merrill Lynch says. The current valuation of North Fork Bancorp’s stock already reflects its near-term earnings growth potential, the analyst believes.