How can I have my VB look at the value of the formula inside the cell?

This is what I have written:

Set valrange = Range("O5:O99")

If Not Intersect(Target, valrange) Is Nothing Then
If Target.Formula = "N" Then
MsgBox "Message here"
End If
End If

Basically I am trying to get VB to display a message anytime the formula in column "O" is returning a N (based on an IF statement inside the cell). can't figure out what is missing in the code!

Any help will be greatly appreciated!!
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