BNY Mellon price target raised to $130 from $124 at RBC Capital

RBC Capital raised the firm’s price target on BNY Mellon (BK) to $130 from $124 and keeps a Sector Perform rating on the shares after its Q4 earnings beat. BNY – the plumber for much of the global financial system – touches an estimated one-fifth of the world’s investable assets, the analyst tells investors in a research note. BNY is executing on its strategy, which has led to breaking down business unit silos and a reduction in expense growth, the firm added.