BNY Mellon price target lowered to $60 from $63 at Argus

Argus lowered the firm’s price target on BNY Mellon to $60 from $63 but keeps a Buy rating on the shares after its Q3 results. Headwinds have continued for the company’s fee revenue growth, although greater net interest income from the higher rate environment has provided an offset, leading to 2% revenue growth for the quarter, the analyst tells investors in a research note. Argus adds that it expects BNY Mellon’s positive operating leverage to continue and also believes that the shares are undervalued.