The Bank of New York Mellon Corporation (BNY) PT Raised to $168 at RBC Capital

RBC Capital analyst Gerald Cassidy raised the price target on The Bank of New York Mellon Corporation (NYSE: BNY) to $168.00 (from $142.00) while maintaining a Sector Perform rating.

The analyst commented: "Transformation of BNY Continues to Deliver Best in Class Results; BK, as the plumber for much of the global financial system, touches an estimated one-fifth of the world's investable assets. Under the leadership of CEO Robin Vince, BK's long-term shareholder strategy is built around three pillars; Be More for Our Clients, Run Our Company Better and Power Our Culture. Executing on this strategy has led to breaking down business unit silos and a reduction in expense growth. Also, by being laserfocused on its execution, BK is achieving strong positive operating leverage (its Northstar), which will lead to enhanced EPS growth."

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