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Fly News Breaks for December 28, 2016
BK
Dec 28, 2016 | 06:26 EDT
Raymond James analyst David Long upgraded BNY Mellon to Strong Buy from Outperform citing recent share underperformance since the election. Long believes the market is overstating potential headwinds and said BKY is poised to benefit from a steepening yield curve, the recent 25 bp fed funds rate hike, capital markets volatility, and increased equity market valuations. As a result, the analyst raised BKY estimates and increased its price target to $57 from $50.
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