UPDATE: Jefferies & Company Reiterates Hold Rating, Raises PT on Bank of New York Mellon Corporation
In a report published Monday, Jefferies & Company reiterated its Hold rating on Bank of New York Mellon Corporation (NYSE: BK), and raised its price target from $25.00 to $27.00.
Jefferies noted, “Revenues likely slipped Q-Q for the group given pressure on spread income, soft transaction fees, and the impact of low client activity on core fee lines. NTRS has the best chance to meet, given help from efficiencies, but we lower future EPS on a lower 4Q mark. BK and STT could post modest misses, with costs less of a helper. We are watching the early 1Q rally for signs of better client engagement, but remain neutral at this time.”
Bank of New York Mellon Corporation closed on Friday at $27.29.
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