BNY Mellon price target raised to $85 from $82 at Citi

Citi analyst Keith Horowitz raised the firm’s price target on BNY Mellon (BK) to $85 from $82 and keeps a Neutral rating on the shares. The firm revised U.S. bank targets on for “through-the-cycle” valuations. Citi reduced its cost of equity assumptions to reflect early-cycle levels, but feels more comfortable anchoring to 10.5%, better reflecting through-the-cycle levels.