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.