Argus raised the firm’s price target on BNY Mellon to $84 from $73 and keeps a Buy rating on the shares after its Q3 earnings beat. The company’s pre-tax margin was a “very healthy” 33%, as was its return on tangible common equity at 23.2%, the analyst tells investors in a research note. Argus adds that after previously forecasting a 10% drop in net interest income 2024, BNY management also offered improved guidance for only a 5% decline, aided by re-pricing of the securities portfolio.
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