UPDATE: Jefferies Raises PT on Bank of New York Mellon Corporation on Strong Revenue Proxies
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.
© 2014 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.