BNY Mellon price target raised to $118 from $109 at Truist

Truist raised the firm’s price target on BNY Mellon (BK) to $118 from $109 and keeps a Hold rating on the shares as part of a broader research note on Trust Banks and Capital Markets names. The lower outlook for interest rates is a headwind for earnings via net interest income, but higher market levels should boost fees somewhat as assets under custody and assets under management levels climb, with activity levels also seeming solid as well, the analyst tells investors in a research note.