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UPDATE: Jefferies Raises PT on Bank of New York Mellon Corporation on Strong Revenue Proxies

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In a report published Monday, Jefferies reiterated its Hold rating on Bank of New York Mellon Corporation (NYSE: BK), and raised its price target from $26.00 to $29.00.

Jefferies noted, “Revenue proxies held strong through February, with equity markets adding to January gains and FX volume/volatility proxies still elevated. We have updated models marginally to reflect the two solid months, but have not marked fully given ongoing volatility (leaving some upside potential if March delivers). STT is best positioned to benefit from rising equity levels and FX activity, in our view, and is our preferred name.”

Bank of New York Mellon Corporation closed on Friday at $27.20.

Latest Ratings for BK

DateFirmActionFromTo
Mar 2015Deutsche BankMaintainsHold
Jan 2015CitigroupMaintainsNeutral
Jan 2015Credit SuisseMaintainsNeutral

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Posted-In: JefferiesAnalyst Color Price Target Analyst Ratings

 

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