Dick Bove Slashes Price Target for Bank of New York Mellon (BK)

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The Bank of New York Mellon Corporation ( BK ) saw its price target cut on Wednesday by famous analyst Dick Bove of Rochdale Securities.

Bove lowered his price target on BK shares, which had closed at $25.41 on Tuesday, to $35 from $42. Still, he maintained his "Buy" rating on the stock.

Bank of New York Mellon shares rose 14 cents, or +0.6%, in premarket trading Wednesday.

The Bottom Line
We have avoided shares of Bank of NY Mellon since we initiated coverage back in early June 2008, when shares were trading at $41.15. The company has a dividend yield of 1.42%, based on last night's closing stock price of $25.41. The stock has near-term technical support in the $22 price area. If the shares can firm up, we see overhead resistance around the $28-$29 price levels. We would remain on the sidelines for now.

The Bank of New York Mellon Corporation ( BK ) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.0 out of 5 stars.

Be sure to visit our complete recommended list of the Best Dividend Stocks , as well as a detailed explanation of our ratings system here .

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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