In a research note, Morgan Stanley reiterates its Equal-weight rating and $26 price target on Bank of New York Mellon Corporation BK as the bank is focused on controlling expenses in a “very tough” environment.
According to Morgan Stanley, “Operating lev'g is key to stock. Given outlook for lower rates & volatile mkts, we expect flat revs in 2012. BK announced plans Monday to trim expenses, which if successful, could drive 2.2% of pos. operating lev'g in 2012. We model 61% of what BK expects, driving 1.4% operating lev'g in 2012.”
BK closed at 20.55 on Monday.
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