Nomura Securities Maintains a 'Neutral' on Bank of New York Mellon (BK); Investor Day Recap
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Price: $57.46 +0.52%
Rating Summary:
14 Buy, 10 Hold, 0 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 15 | Down: 11 | New: 13
Rating Summary:
14 Buy, 10 Hold, 0 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 15 | Down: 11 | New: 13
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Nomura Securities maintains a 'Neutral' on Bank of New York Mellon (NYSE: BK) price target of $24.00.
Nomura analyst, Glenn Schorr, said, "Management highlighted the attractiveness of BK’s business model: high capital generation, strong capital/liquid balance sheet and an attractive business mix. BK laid out the groundwork for positive operating leverage (in better revenue times) via a $650-700mm cost-save initiative and a tougher granular thought process around pricing. Management also walked through its moves to support NII, its revenue and earnings outlook through 2014 and how it expects to pay dividends, buy back stock and hit ~10% Tier 1 common by the end of 2014. We are maintaining our Neutral rating. We are leaving our estimates unchanged, but consensus may head lower given management commentary around the low end of a 7-10% range for EPS growth in 2012."
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 $20.55 yesterday.
Nomura analyst, Glenn Schorr, said, "Management highlighted the attractiveness of BK’s business model: high capital generation, strong capital/liquid balance sheet and an attractive business mix. BK laid out the groundwork for positive operating leverage (in better revenue times) via a $650-700mm cost-save initiative and a tougher granular thought process around pricing. Management also walked through its moves to support NII, its revenue and earnings outlook through 2014 and how it expects to pay dividends, buy back stock and hit ~10% Tier 1 common by the end of 2014. We are maintaining our Neutral rating. We are leaving our estimates unchanged, but consensus may head lower given management commentary around the low end of a 7-10% range for EPS growth in 2012."
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 $20.55 yesterday.
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