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BNY Mellon is KBW's final pick for 2016

Dropped coverage

Shareholders of both Pittsburgh-based F.N.B. Corp. and Raleigh, N.C.-based Yadkin Financial Corp. approved the two companies' pending merger Dec. 9. Reflecting the shareholder approval, Compass Point Research & Trading LLC analyst Laurie Havener Hunsicker dropped coverage of Yadkin.

The analyst noted that F.N.B. has also received deal approval from the North Carolina Commissioner of Banks. The analyst revised her final price target for Yadkin to $34 from $25, based on F.N.B.'s current stock price of approximately $16, compared to the market value of $12 at deal announcement; however, the analyst noted that her recommendation, price target and earnings projections should not be relied upon going forward.

Notable reiteration

Keefe Bruyette & Woods analyst Brian Kleinhanzl highlighted Bank of New York Mellon Corp. as his final pick for KBW's 2016 Holiday Opportunity series. He has an "outperform" rating and a $54 target price on BNY Mellon.

The analyst noted that the company has underperformed its peers by almost 15 basis points. Kleinhanzl thinks the underperformance is unwarranted as he expects the company to derive benefit from a better macroeconomic environment and higher short-term interest rates.

In addition, he thinks concerns related to pressure from new business and fixed-income sell-off are already reflected in the company's trading price.