BofA raised the firm’s price target on BNY Mellon to $66 from $64 and keeps a Buy rating on the shares after the bank reported better-than-expected Q1 core EPS. The “investor apathy towards trust banks” is likely causing the disconnect between stock valuation and “a highly profitable franchise that is in the midst of a strategic turnaround,” says the analyst, who contends that the franchise potential and execution is not reflected in the current stock price.
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