Still, there are selected investment/commercial banks with superior business models, and among these the Bank of New York Mellon is worth a review.
Bank of New York Mellon (NYSE: BNY) is one of the world's leading asset management and corporate trust services banks, with an astounding $20 trillion in assets under custody and more than $1 trillion of assets under management.
In general, analysts expect BK's merger-adjusted revenue to rise about 8-10% in F2008, and 10-12% in F2009. Analysts also expect BK's merger with Pittsburgh-based Mellon Financial to enhance the company's business mix.
Further, the Bank of New York has also done a good job restricting non-merger expense growth, and it could also benefit as several competitors more-involved in the subprime mortgage sector struggle with credit-related issues. The Reuters F2008/F2009 EPS consensus estimates for BK are $2.99/$3.41.
The risks? A substantial decline in asset custodial activity and/or assets under management would hurt BK's results.
The First Call mean rating for BK is: Buy [20 firms]. Mean 2008 target: $51 [high: $60, low: $42].
Stock Analysis: Bank of New York Mellon is a moderate-risk stock not suitable for low-risk investors. Investors with an investment horizon longer than 2 years should be rewarded from BK's shares. Sell/Stop Loss if you were to purchase shares in this company: $29.
Disclosure: Lazzaro has no positions in stocks. In addition to private real estate holdings, he owns corporate and municipal bonds, and cash certificates of deposit.
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