Wells Fargo analyst Mike Mayo raised the firm’s price target on BNY Mellon to $60 from $54 and keeps an Equal Weight rating on the shares. The firm has increased estimates post earnings call and the Q4 beat, but remains cautious given guidance. BNY Mellon will have a heavy lift to get to positive operating leverage if net interest income declines 10%, and will likely need near decade best expense control, Wells adds.
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