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 The NASDAQ OMX Group, Inc.

Created by Dividend.com

This article appears in: Investing , Stocks

Referenced Stocks: BK

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