BNY rises after Deutsche Bank upgrades to 'buy'

Karnataka Bank

23/09/2024 15:04

** Shares of oldest U.S. bank BNY  BK.N  up 1.9% at $72.55
in early trading
    ** Deutsche Bank upgrades BK to "buy" from "hold"; raises PT
to $80 from $66, a 11.4% upside to stock's last close
    ** Brokerage says containing expense growth to low
single-digit combined with healthy capital return should enable
BK to post double digit EPS growth through 2026
    ** Adds that this would make BK an outlier within the trust
bank peer group
    ** Stock should command a better valuation as BK has
achieved four straight years of double digit EPS growth -
Deutsche Bank 
    ** Twelve of 18 brokerages rate the stock "buy" or higher
and six "hold"; their median PT is $73 - LSEG data
    ** As of last close, BK shares up 38% YTD

 (Reporting by Arasu Kannagi Basil in Bengaluru)
 ((ArasuKannagi.Basil@thomsonreuters.com;))