BNY Mellon upgraded to Buy from Hold at Deutsche Bank

Deutsche Bank analyst Brian Bedell upgraded BNY Mellon to Buy from Hold with a price target of $80, up from $66, after hosting meetings with management. The firm sees BNY generating positive operating leverage annually, helping drive double-digit earnings growth. While Deutsche forecasts “relatively modest” revenue growth at just over 4% annualized through 2026, there is more upside potential than downside risk to this forecast given management’s emerging platform model has greater potential to provide more services to existing clients and product innovation should add incremental revenue streams, the analyst tells investors in a research note.