UPDATE: Jefferies Reiterates Hold Rating, Raises PT on The Bank of New York Mellon Corporation Following Raised EPS Forecasts

In a report published Monday, Jefferies analyst Ken Usdin reiterated a Hold rating on The Bank of New York Mellon Corporation BK, and raised the price target from $29.00 to $32.00. In the report, Jefferies noted, “We mark our EPS forecasts higher with equity markets up 4% QTD, putting us above the Street for 2Q13. Higher market levels continue to provide tailwinds to core businesses, but proxies for FX and sec. lending are still mixed (higher spreads/volatility, but lower volumes). STT remains our preferred name given its unique combination of offense (strongest rev. grower) and defense (biggest capital return & efficiency initiatives).” The Bank of New York Mellon Corporation closed on Friday at $30.06.
Market News and Data brought to you by Benzinga APIs
Comments
Loading...
date
ticker
name
Price Target
Upside/Downside
Recommendation
Firm
Posted In: Analyst ColorPrice TargetAnalyst RatingsJefferiesKen Usdin
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!