Truist analyst David Smith raised the firm’s price target on BNY Mellon (BK) to $93 from $91 and keeps a Buy rating on the shares. The firm is updating its model after the company’s “very strong” Q4 results and initial FY25 guidance which had made BNY the strongest performing major bank following earnings yesterday, the analyst tells investors in a research note. Truist adds that BNY’s higher asset yields more than offset a somewhat smaller earning asset base on slower deposit growth.
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