Morgan Stanley Reiterates EW on BK

Morgan Stanley has issued a report reiterating the Equal-Weight Rating on Bank of New York Mellon Corp BK. According to Morgan Stanley, "BK posted 2Q11 operating EPS of $0.58, +2c above our in-line estimate. Strong volumes, but lighter profitability. PPOP missed by -5c due to negative operating leverage, offset by lower tax rate." BK closed at $24.54 a share yesterday.