BNY Mellon price target raised to $60 from $54 at Wells Fargo

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.