Truist upgraded BNY Mellon (BK) to Buy from Hold with a price target of $134, up from $119. BNY Mellon has established itself as the premier quality compounder among trust banks and has earned its premium valuation, with further upside supported by its scalable operating model, the analyst tells investors in a research note. A favorable long-term fixed income backdrop, strong custody exposure, and potential bullish medium-term target updates reinforce confidence in continued outperformance, Truist adds.
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