BNY Mellon price target raised to $109 from $100 at Wells Fargo

Wells Fargo raised the firm’s price target on BNY Mellon (BK) to $109 from $100 and keeps an Equal Weight rating on the shares. The firm notes the company is showing a quarter that better demonstrates their consistent execution with beat on the top line and bottom line, consistent with their capital markets-adjacent positioning relative to the biggest banks. All in all, Wells believes this was a strong quarter with some questions on sustainability.