Deutsche Bank downgrades BNY Mellon to hold from buy
Deutsche Bank research analyst Brian Bedell on Thursday downgraded Bank of New York Mellon Corp. to hold from buy and cut the stock's price target to $45 a share from $54 a share. Bedell said he views trust banks "somewhat less favorably, as the benefits of higher interest rates may be at least partially offset by weaker equity markets." Bedell cut his 2022 earnings target for BNY Mellon to $4.25 a share from $4.56 a share to reflect "weaker markets relative to the benefit from adding more rate hikes to our assumptions along with slightly higher long-term yields." Deutsche Bank now sees BNY Mellon fairly valued against its revised estimates. Deutsche Bank reiterated buy ratings on Northern Trust and State Street . Among brokers, asset managers and exchanges, Charles Schwab Corp. remains a top pick.
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