Wolfe Research analyst Steven Chubak upgraded BNY Mellon to Outperform from Peer Perform with a $60 price target. The analyst names with BNY one of his top picks for 2023. Chubak sees mid-teens percent upside to consensus net interest income estimates due to "underappreciated reinvestment tailwinds." BNY also has room for meaningful efficiency gains and significant buyback capacity even under a tougher Basel IV capital regime, Chubak tells investors in a research note. The analyst views the shares as attractively valued.
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Published first on TheFly
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