BNY Mellon price target raised to $73 from $67 at Argus

Argus raised the firm’s price target on BNY Mellon to $73 from $67 and keeps a Buy rating on the shares after its Q2 earnings beat. The company reported a “very healthy” pre-tax margin and also resumed growth in its fee revenue during the first half, the analyst tells investors in a research note. An improving pre-tax margin and ROTCE – Return on Average Tangible Common Shareholders’ Equity – should also aid the stock’s price-earnings multiple, the firm added.