RBC Capital analyst Gerard Cassidy lowered the firm’s price target on BNY Mellon to $44 from $49 and keeps a Sector Perform rating on the shares. The analyst states that the "excessive" tightening by the Federal Reserve resulting in a "deep recession" in 2023 poses a key risk for the bank as it would bring on elevated levels of credit losses, which would depress earnings.
Published first on TheFly
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