Bank of New York Mellon (BK) – Get Report shares rose Wednesday after the custody bank titan was double-upgraded at Bank of America Securities, to buy from underperform, with a price-target increase to $50 from $43.
“Despite the near-term low-short-term interest-rate headwinds, we expect the combination of rising rates, strategic initiatives, and active expense/capital management to drive stronger revenue and earnings growth over the next few years,” Analyst Michael Carrier wrote in a commentary.
