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Credit Suisse: Bank of New York Mellon's Q4'19 GAAP EPS was a 'clean beat'

Downgrades

Atlantic Equities' analysts downgraded Bank of America Corp. due primarily to the recent run-up in share price.

Analysts wrote that while the bank's adjusted EPS beat the forecast, the upside came from a lower tax rate. In addition, the net interest income guidance for 2020 was a "little softer" than expectations.

The analysts downgraded the company's stock rating to "neutral" and kept the price target unchanged at $36. They lowered their 2020 EPS estimate to $3.05 from $3.12 but raised their 2021 estimate to $3.36 from $3.33.

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Credit Suisse analysts downgraded U.S. Bancorp on the view that less differentiation in the bank's fundamental performance is expected to "further narrow" the valuation gap, in turn weighing on relative share price performance prospects.

The analysts downgraded the company's stock rating to "underperform" from "neutral" and reduced the price target to $52 from $55. The analysts also lowered their 2020 EPS estimate to $4.35 from $4.45 and 2021 EPS estimate to $4.65 from $4.70.

Upgrades

Credit Suisse analysts upgraded Bank of New York Mellon Corp., calling the bank's fourth-quarter 2019 GAAP EPS of $1.52 a "clean beat." Credit Suisse's GAAP EPS estimate for the quarter was $1.42.

The analysts upgraded the company's stock rating to "outperform" from "neutral" and kept the price target unchanged at $54. The EPS estimate for 2020 was trimmed to $4.20 from $4.25, and the estimate for 2021 remains unchanged at $4.70.