Jefferies Lowers Estimates and Price Target On Bank of New York Mellon (BK)
Get Alerts BK Hot Sheet
Price: $56.93 --0%
Rating Summary:
13 Buy, 10 Hold, 0 Sell
Rating Trend: Up
Today's Overall Ratings:
Up: 9 | Down: 8 | New: 10
Rating Summary:
13 Buy, 10 Hold, 0 Sell
Rating Trend: Up
Today's Overall Ratings:
Up: 9 | Down: 8 | New: 10
Join SI Premium – FREE
Jefferies lowered estimates and its price target on Bank of New York Mellon (NYSE: BK) citing a flattening out of EPS trajectory. The firm maintained their Hold rating.
FY11 EPS moves down from $2.40 to $2.25 and FY12 goes from $2.80 to $2.45. The price target goes from $34 to $29.
"While the stock is not expensive at 11.5x our revised 2012 EPS estimate of $2.45, we see near-term vulnerability to negative revision trends. We believe BK's 1Q reported EPS of $0.50 should mark a trough for quarterly EPS given our expectation for stabilizing spread income, continued fee growth and better expense controls. That said, we remain decently below the Street based on a lower starting point EPS run-rate."
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 $28.35 yesterday.
FY11 EPS moves down from $2.40 to $2.25 and FY12 goes from $2.80 to $2.45. The price target goes from $34 to $29.
"While the stock is not expensive at 11.5x our revised 2012 EPS estimate of $2.45, we see near-term vulnerability to negative revision trends. We believe BK's 1Q reported EPS of $0.50 should mark a trough for quarterly EPS given our expectation for stabilizing spread income, continued fee growth and better expense controls. That said, we remain decently below the Street based on a lower starting point EPS run-rate."
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 $28.35 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Bank of New York Mellon (BK) PT Raised to $64 at Wells Fargo
- Hennes & Mauritz AB (HMB:SS) (HNNMY) PT Raised to SEK185 at Telsey, 'encouraged by the topline momentum'
- Morgan Stanley Downgrades Sanbio Co Ltd. (4592:JP) (SNBIF) to Equalweight
Create E-mail Alert Related Categories
Analyst CommentsRelated Entities
Jefferies & CoSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!