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Fly News Breaks for January 17, 2020
Jan 17, 2020 | 08:50 EDT
Buckingham analyst James Mitchell lowered his price target for BNY Mellon to $53 from $56 and maintained a Neutral rating following the company's Q4 results. In a research note to investors, Mitchell says while a further ramp up in investment spending should pay dividends long-term in both efficiency and growth, the uncertainty around payback timing is likely to weigh on the stock. The analyst says he would like to see evidence of of better organic growth in its core fee businesses in order to get more constructive.