EFTA02395253.pdf

From: Richard Kahn < Sent: Monday, January , : To: Jeffrey Epstein Subject: BK BNY Mellon touched by Goldman Jan 112016, 11:26 ET I B=: Stephen Alpher <http://seekingalpha.com=author/sa-editor-stephen-alpher> , SA News Editor <http://s=ekingalpha.com/images/mail_icon.png> "We believe Bank of New Yor= Mellon's (BK<=a>) leverage to higher rates, cost discipline and less beta exposure will d=ive better-than-expected EPS growth at a time when other areas of capital m=rkets are facing more challenging top- line backdrop," says analyst Alexande= Blotstein, upgrading the stock to Conviction Buy from Neutral. The $48 pri=e target is about 30% above the current level. <http://seekingalpha.com/symbol/BK> The stock has underperformed the XLF by more than 500 basis po=nts over the past month, leaving it trading at just 12x earnings, 10% below=its historical multiple and at a 20% discount to the S&P (vs. a typical=10%). Blotstein sees BNY as havin= a more certain EPS profile as a result of lower deposit beta and less expo=ure to the credit cycle than other banks. He boosts his 2015.17 EPS estimates, with 2016 and 2017 now 3% and =% higher than consensus, respectively. Blotstein also introduces a 2018 EPS=estimate of $4.50. 1 EFTA_R1_01425889 EFTA02395253