Bank Of New York Mellon Company Update -Jefferies (BK)

Bank of New York Mellon BK reported its Q4 2010 and fiscal year 2010 earnings Wednesday morning with a $0.55 EPS, falling short of Thomson Reuters' Wall Street analyst poll estimate of a $0.57 EPS. Today's Jefferies report maintains its Bank of New York Mellon rating of Hold and price target of $33. In the report, Jefferies states, "BK posted solid revenue growth in 4Q, but higher expenses kept the EPS run-rate from breaking out. At 13x, downside is limited but negative revision trends could keep progress in check (we're still $0.15 below consensus)." Bank of New York Mellon shares are currently trading at $31.65, up 0.54% since Wednesday's close.