BNY Mellon (BK) Shares Turn Positive as Bove Sees Stock Doubling

Shares of BNY Mellon (NYSE: BK) are ticking higher as Rochdale's Dick Bove is discussing the stock on CNBC's Squawk on the Street.

When asked about his $33 price target (which implies potential upside of about 60 percent), the banking analyst said "no," he actually sees the stock doubling from here. Bove argues BNY Mellon is making too little from its balance sheet and is resting on a "staggering" cash pile. Bove believes its a positive that BNY Mellon is aiming at making its money from the forex market.

As Bove's interview is just ending, BNY Mellon shares have now turned positive. The stock is up 0.73 percent to $20.82.

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