UPDATE: Jefferies Color On BK Target Decrease

Jefferies, which lowered its PT on shares of the Bank of New York Mellon Corporation BK, is providing some color on the stock. “While the stock is not expensive at 11.5x our revised 2012 EPS estimate of $2.45, we see near-term vulnerability to negative revision trends,” Jefferies writes. “We believe BK's 1Q reported EPS of $0.50 should mark a trough for quarterly EPS given our expectation for stabilizing spread income, continued fee growth and better expense controls. That said, we remain decently below the Street based on a lower starting point EPS run-rate.” Bank of New York Mellon Corporation closed Tuesday at $28.35.