BNY Mellon price target raised to $109 from $100 at Truist

Truist analyst David Smith raised the firm’s price target on BNY Mellon (BK) to $109 from $100 and keeps a Hold rating on the shares as part of a broader research note on Trust Banks. Trust banks have all been able to grow assets under custody or administration over time though with the help of a sizable market tailwind, the analyst tells investors in a research note. Truist adds that BNY’s growth since 2021 is driven mainly by strong fixed income flows net of market movement.