Gilbert in a note to clients on late on Wednesday wrote that "we like NYCB's risk/reward positioning with upside above $16 & downside of $12. The flexible business model remains well hedged to various interest rate scenarios, which differentiates the bank from peers who have struggled in the challenging operating environment." "While upside valuation reflects the inclusion of a large, transformational deal, those opportunities continue to exist," Gilbert wrote, adding that "downside reflects a 'worst case' independent operating environment that seems unlikely given increased stability over the last year or so." Gilbert reiterated her "outperform" rating for New York Community. She estimates the company will earn $1.04 a share for all of 2013, with EPS climbing to $1.10 in 2014.