BNY Mellon price target lowered to $90 from $94 at Morgan Stanley

Morgan Stanley analyst Betsy Graseck lowered the firm’s price target on BNY Mellon (BK) to $90 from $94 and keeps an Overweight rating on the shares. The firm, which notes that the S&P 500 shed about 3% and the 10-year UST yield rose greater than 15 basis points in the second half of December, is lowering estimates for client asset levels at trust banks and notes that a higher 10-year yield reduces the capital return outlook.