BNY Mellon price target raised to $66 from $61 at Evercore ISI

Evercore ISI raised the firm’s price target on BNY Mellon to $66 from $61 and keeps an In Line rating on the shares. Shares popped over 5% Friday as the Q2 report “cemented a strong 1H24” and investors likely built in an improved net interest income expectation for the full year, despite management officially reiterating their “now conservative” down 10% outlook for the year, the analyst says in an earnings recap note. Though some investors likely expected an upward revision to the net interest income outlook for 2024, the CEO walking through how much the inputs have improved and offering “we’re cautiously optimistic,” seemed good enough for the market, the analyst added.