BNY Mellon downgraded to Peer Perform from Outperform at Wolfe Research

Wolfe Research downgraded BNY Mellon (BK) to Peer Perform from Outperform without a price target as part of a 2025 playbook for the brokers, asset managers, and exchanges. The firm is “getting selective as valuations look stretched.” After a “banner year” for financials, Wolfe is most positive on names with secular growth stories and exposure to “Trump tailwinds,” the analyst tells investors in a research note. The firm says that while BNY Mellon has done an excellent job executing on key initiatives, its shares screen rich versus peers, and the bank is less exposed to potential Trump tailwinds relative to peers.