Equity analysts said Thursday that the recent flurry of merger activity among New York City banks may not be over, and they pegged Richmond County Financial Corp. as a possible target.

Mark Fitzgibbon, an analyst at Sandler O’Neill & Partners in New York upgraded Richmond County’s stock on Thursday to “outperform” from “market perform,” just three weeks after downgrading the Staten Island-based bank on concern that its stock had become pricey. But after New York behemoth Citigroup Inc. announced its intention to buy European American Bank from the Dutch banking giant ABN Amro and North Fork Bancorp of Melville, N.Y., announced plans to buy Commercial Bank of New York, Mr. Fitzgibbon appears to feel Richmond County has new upside potential.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.