Bank of New York Mellon Upgraded at Citigroup (BK)
Citigroup announced on Monday that it has upgraded financial services company The Bank of New York Mellon Corporation (BK).
The firm has raised its rating on BK from a “Neutral” to a “Buy,” and has given the company a $34 price target. This price target suggests a 12% increase from the stock’s current price of $30.06.
Citigroup noted it upgraded BK based on the positive effect that rising interest rates will have on the company’s earnings. These effects, the analyst said, have not yet been reflected in the company’s stock price.
Bank of New York Mellon shares were mostly flat during premarket trading Monday. The stock is up 17% YTD.
The Bottom Line
Shares of The Bank of New York Mellon Corporation (BK) have a 2.00% yield, based on Friday’s closing price of $30.06.
The Bank of New York Mellon Corporation (BK) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.3 out of 5 stars.
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