Citi raised the firm’s price target on BNY Mellon (BK) to $82 from $75 and keeps a Neutral rating on the shares. The firm revised assumptions on cost of equity due to its base case that BNY’s current strong multiples in the sector have room to remain elevated. It continues to expect positive operating leverage in 2025, but says this seems largely priced into consensus estimates and the stock’s valuation.
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