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Raymond James upgrades BNY Mellon


Raymond James analyst David Long upgraded Bank of New York Mellon Corp. to "strong buy" from "outperform" and increased his price target to $57 from $50.

The analyst thinks the stock's underperformance since the U.S. elections, reflected in the stock's 8% increase as compared to KBW Nasdaq Bank Index's 24% increase, created an attractive entry point to invest in the stock, especially since "the market is overstating potential headwinds."

He said the steeper yield curve, recent rate hike in federal funds, increased volume and volatility in the capital markets, and strengthened equity market valuations, as well as long-term trends in the global custody and servicing business are factors that can benefit the bank.

Long also believes that because the bank, like other custody banks including Northern Trust Corp. and State Street Corp., lacks exposure to the operations any new regulations would target, they will not be severely affected by new regulations set forth due to Wells Fargo & Co.'s recent fake accounts scandal.


FIG Partners analyst John Rodis downgraded Guaranty Bancorp to "market perform" from "outperform," citing valuation.

The analyst noted that the bank's stock is trading in line with its peers, and is up approximately 32% since the Nov. 8 close.

Rodis also increased his price target to $26 from $22.

Notable Reiteration

Hovde Group analyst Brian Zabora maintained his rating of "outperform" for Opus Bank.

He has increased his price target to $31 from $25.

Zabora noted that Opus Bank's completion of the securitization of around $509 million of its multifamily loans through a Freddie Mac sponsored "Q-deal" will increase the bank's regulatory capital ratios. He projected the transaction will increase the Tier 1 capital ratio to 9.4% and the total risk-based capital ratio to 12.5%. He also projected that the company's commercial real estate loans-to-total risk-based capital ratio is set to decrease to around 492% from 559%.