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Jefferies Lowers Estimates and Price Target On Bank of New York Mellon (BK)

April 20, 2011 10:48 AM EDT
Get Alerts BK Hot Sheet
Price: $56.93 --0%

Rating Summary:
    13 Buy, 10 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 9 | Down: 8 | New: 10
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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.


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