Bank of New York Mellon (BK) PT Raised to $45 at Jefferies After Meeting with Management

Jefferies analyst Ken Usdin raised the price target on Bank of New York Mellon (NYSE: BK) to $45.00 (from $44.00) after meeting with management and finding them encouraged about organic growth opportunities across the franchise (servicing, clearing, collateral mgmt., etc.).

The analyst reiterated a Buy rating, stating "A Pershing spotlight highlights strong pipelines, potential benefits from merger dislocation, and platform efficiencies. Less severe NII headwinds, ongoing expense discipline, and a prospective return to buybacks present a better base for EPS forecasts. Our ests. move up to $3.95/$4.50 for '21/'22".

You May Also Be Interested In

• IBM tumbles on soft Q1 revenue; announces HashiCorp $6.4bn acquisition
• NVIDIA (NVDA) to acquire AI platform Run:AI
• Hempacco Co (HPCO) Receives Nasdaq Non-compliance Notice