BNY Mellon price target raised to $75 from $70 at Seaport Research

Seaport Research raised the firm’s price target on BNY Mellon to $75 from $70. The company’s Q2 adjusted EPS beat the firm’s consensus, which reflected upside across net interest income/deposits, trading and collateral management, and treasury services, the analyst tells investors. Looking ahead, the firm raised its deposit and net interest income forecasts for FY24 and FY25 based on the current year to date outperformance in deposit growth and the potential for accelerating growth next year, the firm adds.