UBS Maintains a 'Neutral' on Bank of New York Mellon (BK); Revenue Weakness Drives Lower EPS
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Price: $137.16 --0%
Rating Summary:
19 Buy, 9 Hold, 0 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
Rating Summary:
19 Buy, 9 Hold, 0 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
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UBS maintains a 'Neutral' on Bank of New York Mellon (NYSE: BK) price target raised from $20 to $22.
UBS analyst says, "Total revenues were weaker in 4Q11, down 4% vs. 3Q11. The decline in revenues was primarily due to weakness in overseas markets. Economic uncertainty here and abroad has driven clients to de-risk, pulling assets out of higher revenue generating equities and fixed income and parking funds in cash. Also, clients are parking funds in deposits which BK is unable to deploy at a significant yield. Exchange volumes, which were down 18% at NYSE and NASDAQ in 4Q11, impacted revenues as well." (UBS lowers FY12 EPS estimate from $2.30 to $2.20)
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 $21.24 yesterday.
UBS analyst says, "Total revenues were weaker in 4Q11, down 4% vs. 3Q11. The decline in revenues was primarily due to weakness in overseas markets. Economic uncertainty here and abroad has driven clients to de-risk, pulling assets out of higher revenue generating equities and fixed income and parking funds in cash. Also, clients are parking funds in deposits which BK is unable to deploy at a significant yield. Exchange volumes, which were down 18% at NYSE and NASDAQ in 4Q11, impacted revenues as well." (UBS lowers FY12 EPS estimate from $2.30 to $2.20)
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 $21.24 yesterday.
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