JPMorgan Raises BNY Mellon (BK) Target as Morgan Stanley Cuts on Macro Risks

The Bank of New York Mellon Corporation (NYSE:BK) is included among the 15 Best Cheap Dividend Stocks to Buy.

On April 7, JPMorgan raised its price recommendation on The Bank of New York Mellon Corporation (NYSE:BK) to $130.50 from $128.50. It reiterated an Overweight rating on the shares. The firm said it expects trust banks to come in ahead of Q1 estimates.

On March 31, Morgan Stanley lowered its price target on BNY Mellon to $135 from $147 and kept an Equal Weight rating. The analyst noted that the median bank stock in its coverage has declined about 5% over the past 30 days. The move reflects concerns around the potential impact of the ongoing Middle East conflict on economic growth and inflation. It also pointed to market worries tied to private credit headlines. As a result, the firm reduced price targets across the group by about 9% on average. It applied lower valuation multiples to reflect a higher-risk environment.

The Bank of New York Mellon Corporation (NYSE:BK) is a global financial services company. It operates through Securities Services, Market and Wealth Services, and Investment and Wealth Management segments.

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