BNY Mellon price target raised to $94 from $88 at UBS

UBS raised the firm’s price target on BNY Mellon (BK) to $94 from $88 and keeps a Buy rating on the shares. The firm notes that while sentiment among fast money investors around BNY Mellon had softened, the bank’s results reinforce its leading status, delivering a beat-and-raise quarter. Key business segments outperformed such as Pershing, CCM, and Treasury Services. The outlook improved across all key metrics relative to consensus, and the business achieved many of their medium-term targets, UBS adds.