Information Provided By:
Fly News Breaks for January 21, 2020
BK
Jan 21, 2020 | 06:38 EDT
Citi analyst Keith Horowitz upgraded BNY Mellon to Buy from Neutral with a price target of $53, down from $55. The post earnings selloff in the shares creates an attractive entry point, Horowitz tells investors in a research note. The analyst, who lowed his 2020 and 2021 estimates for BNY on higher expenses, thinks the stock pullback is overdone. He sees an attractive entry point to a "very well-managed franchise with the ability to sustainably earn 20%+ returns."