Truist downgraded BNY Mellon (BK) (BNY) to Hold from Buy with a price target of $97, up from $87. The firm expects the stock to take a “breather after a very strong run.” BNY Mellon shares have nearly doubled since 2022, outperforming the bank index each year, the analyst tells investors in a research note. Truist says that while BNY’s turn to quality in recent years should justify some premium to the stock’s own history and relative to trust peers, the 2.5-3 times premium over State Street (STT) today “may not be sustainable, particularly as the near-term backdrop seems better suited to State Street.”
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