BNY Mellon price target raised to $70 from $66 at Seaport Research

Seaport Research analyst Jim Mitchell raised the firm’s price target on BNY Mellon to $70 from $66 and keeps a Buy rating on the shares as part of a Q1 earnings preview for the diversified financials group. While Q1 was negatively impacted by additional FDIC special assessment charges and higher reserve builds in cards, improving trends across investment banking, asset management, deposits, and the forward curve should drive earnings increases in 2025, the analyst tells investors in a research note. Seaport continues to prefer the banks over capital markets names given lower valuation multiples relative to historical averages and lower expectations embedded in the banks’ forward outlook.