Bank of New York Mellon Corp

BK: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$95.00	Zpx	Vnrghcyp

BNY Mellon Earnings: Mostly on Track to Start 2024

Rajiv Bhatia

Apr 16, 2024

BNY Mellon reported a decent start to 2024, in our view. Revenue and EPS edged out the FactSet consensus estimates by 3% and 5%, respectively. Fee revenue is benefiting from market appreciation, while net interest income decreased. BNY Mellon reiterated its expectation of net interest income declining by about 10% for full-year 2024 (our model: down 6%). Overall, we will maintain our wide moat rating and $60 fair value estimate on BNY Mellon.

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