BNY Mellon price target raised to $98 from $88 at RBC Capital

RBC Capital analyst Gerard Cassidy raised the firm’s price target on BNY Mellon (BK) to $98 from $88 and keeps a Sector Perform rating on the shares as part of a broader research note on U.S. Banks, reflecting the firm’s latest outlook for Markets and Investment Banking revenues. RBC’s higher price target primarily reflects its profitability and risk assessment of the company relative to a peer group of similar companies, as well as the current economic expectations, the analyst tells investors in a research note.