Seaport Research analyst Jim Mitchell raised the firm’s price target on BNY Mellon to $83 from $81 and keeps a Buy rating on the shares. While BNY Mellon’s largest fee line was below forecast, the firm’s sense is that a combination of one-off items and timing were the drivers of the low fee rate in Q3 and is why the firm expects quarter-over-quarter growth to improve materially in Q4, the analyst tells investors. While management has gained credibility on driving efficiency, the firm believes an improvement in fee growth would be a positive for both operating leverage and valuation multiples.
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