Goldman Sachs Bumps Price Target on Bank of New York Mellon (BK)

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Goldman Sachs raised its price target on Neutral-rated Bank of New York Mellon (NYSE: BK) from $20.00 to $21.00 but trimmed 2012 EPS to $2.02 from $2.07.

The firm comments, "We continue to see risks to BK shares (4% downside to our new $21 price target) as the firm is most sensitive among the Trust Banks to the capital markets activity malaise (Issuer Services, Clearing), while cost pressures are likely to build in the near term, which we believe is not fully reflected in consensus EPS estimates."

For an analyst ratings summary and ratings history on Bank of New York Mellon click here. For more ratings news on Bank of New York Mellon click here.

Shares of Bank of New York Mellon closed at $21.79 yesterday, with a 52 week range of $17.10-$26.43.

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