Jefferies Maintains Hold Rating and $22 PT on Bank of New York Mellon

A report from Jefferies reiterates its Hold rating and $22 price target on Bank of New York Mellon (NYSE: BK).

The report states, “A bloated balance sheet caused a surge in net interest income in 3Q, which appears to be sustainable given excess liquidity is likely to linger until markets settle. Our bias remains that 2012 consensus is still too high, but the gap is narrowing and could close further if efficiency initiatives announced at next month's Investor Day (11/14) are significant."

BK closed yesterday at $19.54.