BNY: 2Q Beat; Doing More with Less; Raise Ests and Target Price

研报英文原文证据摘录

BNY: 2Q Beat; Doing More with Less; Raise Ests and Target Price

Equity Research

Price Target Change — July 15, 2026

Large-Cap Banks

The Bank of New York Mellon Corporation

2Q Beat; Doing More with Less; Raise Ests and Target Price Equal Weight

Price Target: $162.00

Notable Changes

Our Call $ (Dec) Current Prior % Chg

BNY benefited from its capital market adjacent business mix with double-digit top- Price Target $162.00 $152.00 6.6%

line growth and scalability with new 400bp of 2026 op leverage guide. We increase ests. EPS 2026 9.20 8.90 3.3%

and PT but prefer cheaper STT. EPS 2027 10.45 9.70 7.7%

Rev. (MM) 2026 22.27B 21.79B 2.2%

Increase estimates and target. We increase our estimates and as a result increase our Rev. (MM) 2027 23.15B 22.52B 2.8%

price target to $162 from $152, which implies BNY will trade at 15.5x 2027E EPS and

4.9x 2027E TBV. We increase our 2026E core EPS to $9.20 from $8.90, 2027E EPS to Ticker BNY

$10.45 from $9.70 and 2028E EPS to $11.70 from $11.00. Higher 2026 estimates

reflect higher NII (guidance seems conservative), and fees (especially issuer services, asset Upside/(Downside) to Target 1.3%

mgt and f/x), partly offset by higher expense. Price (07/15/2026) $159.95

52 Week Range $93.37 - 155.09

Doing more with less. Results are "humming" per mgmt, including acceleration in organic Market Cap (MM) $111,671

growth (4.5% in 1H vs. 3% in 2025), ROTCE of 31%, 600bp op leverage, and 40% pre-tax Enterprise Value (MM) $9,189

margin in its seasonally strong 2Q26. BNY has utilized AI to help increase productivity and Average Daily Value (MM) $624

re-shape the firm. In 1H26, headcount is down -7% while revenues are up +13% compared Dividend Yield 1.2%

to 1H25, which has driven a 21% increase in revenue / employee (> peers).

$ (Dec) Q1 Q2 Q3 Q4 FY