BNY Mellon upgraded to Outperform from Market Perform at Keefe Bruyette

Keefe Bruyette upgraded BNY Mellon to Outperform from Market Perform with a price target of $70, up from $60. The analyst cites the bank’s scale, diversification and expectations for a widening profitability gap relative to peers led by strong expense control for the upgrade. Further, Keefe expects “meaningful buybacks and an industry-leading total payout ratio north of 100%.”