Barclays Maintains an 'Overweight' on Bank of New York Mellon (BK); 3Q11 EPS Review: Better than Advertised

Barclays maintains an 'Overweight' on Bank of New York Mellon (NYSE: BK) price target lowered $3 to $32.

Barclays analyst says, "While headline results matched consensus expectations, we viewed core results, as detailed later, as higher. Relative to our expectations, issuer services and net interest income exceeded expectations, while expenses came in better than modeled. Looking ahead, on November 14 BK is hosting an investor day where we expect its relatively new CEO to emphasize: 1) the strength of its business model; 2) opportunities to generate above market revenue growth in these challenging environments; and 3) some of the key initiatives that it is going to be implementing to drive operational efficiencies."

"Reflecting 3Q reported EPS coming in a penny below our forecast, we are reducing our 2011 estimate by $0.01 to $2.20. Our 4Q estimate remains $0.58. We are reducing our 2012 estimate by $0.10 to $2.35, to better capture a lower revenue base, reflective of reduced asset valuations."

For more ratings news on Bank of New York Mellon click here and for the rating history of Bank of New York Mellon click here.

Shares of Bank of New York Mellon closed at $19.54 yesterday.

---

Serious News for Serious Traders! Try StreetInsider.com Premium Free!

---

You May Also Be Interested In

• Bernstein SocGen Group Upgrades Analog Devices (ADI) to Outperform
• Baidu (BIDU) PT Lowered to $150 at Benchmark on Near-Term Margin Concerns
• Target (TGT) PT Raised to $185 at DA Davidson