Jefferies On BK 2Q EPS

Jefferies has issued a report on the 2Q EPS posted by Bank of New York Mellon (NYS: BK).

According to the report, "BK posted GAAP earnings of $0.59, although core EPS is closer to $0.53-$0.54 ex. securities gains and lumpiness within investment income, which is a penny or two below consensus. Low valuation (sub-10x 2012 EPS) could limit downside to another core miss, but 2012 consensus of $2.70 is 19% above core 2Q run-rate, which makes the stock vulnerable to negative revisions."

BK has a Hold Rating and a $29 Price Target.