The firm upgraded shares to "overweight" from "neutral," the Fly reports.
Piper Jaffray maintained a $13 price target on shares of the Short Hills, NJ-based savings bank.
The firm said the company is a defensive name that offers "deep value," according to the Fly.
The company is the parent to Investors Bank, which operates more than 145 branches across New Jersey and New York.
Separately, TheStreet Ratings Team has a "Buy" rating with a score of A- on the stock.
The company's strengths can be seen in multiple areas, such as its revenue growth, growth in earnings per share, expanding profit margins and notable return on equity.
Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
You can view the full analysis from the report here: ISBC