J.P. Morgan Maintains Overweight Rating On BK

J.P. Morgan is maintaining its Overweight rating on Bank of New York Mellon Corp. BK “due to its relatively attractive valuation and strong longer term secular growth opportunities.” “We are maintaining our December 2011 price target of $36.00,” J.P. Morgan writes. “Our price target is based on a 2011 P/E multiple of 14.0 times, which is in line with the 5 year average P/E multiple.” Bank of New York Mellon Corp. closed Wednesday at $31.66.