(News Bulletin 247) – Jefferies reaffirms its ‘buy’ recommendation and its target price of 55 dollars on Bank of New York-Mellon, following a meeting with the bank’s new chief financial officer, Dermot McDonogh.
‘Cost control and improving productivity are priority areas, while management aims to drive a more centralized and coordinated franchise’, reports the broker in charge of the file.
Jefferies also points out that despite recent developments in the sector, BNY-Mellon remains confident in a redistribution of capital to shareholders representing more than 100% of its profits in 2023.
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