BNY Mellon price target lowered to $94 from $98 at Morgan Stanley

Morgan Stanley analyst Betsy Graseck lowered the firm’s price target on BNY Mellon (BK) to $94 from $98 and keeps an Overweight rating on the shares. The firm says recent trade developments drive up recession risk. The analyst now expects slower GDP growth with rising economic uncertainty to push out the capital markets rebound, incrementally slow loan growth, and drive net charge offs across consumer and commercial loans slightly above its prior estimates. Morgan Stanley moved its large cap bank industry view from Attractive to In-Line.