UPDATE: J.P. Morgan Raises PT on Bank of New York Mellon, Says in Best Position Among Peers

In a report published Monday, J.P. Morgan reiterated its Neutral rating on Bank of New York Mellon Corporation BK, and raised its price target from $25.50 to $28.00. J.P. Morgan noted, “We are maintaining our Neutral rating for Bank of New York relative to its peers. We believe that with low rates, increased regulatory issues, F/X lawsuits, high expenses, challenging markets, and growth pressures on some businesses such as Corporate Trust, earnings will be pressured medium term. We believe BK would be best positioned among peers to benefit from Fed tightening, but that is not likely for a while, in our view.” Bank of New York Mellon closed on Friday at $27.63.