Analyst Note| Rajiv Bhatia, CFA |
Wide-moat-rated BNY Mellon reported decent second-quarter results with revenue and earnings per share edging out the FactSet consensus. Revenue for the quarter was $3.96 billion, 2% above the consensus of $3.88 billion, and diluted EPS came in at $1.13, $0.13 above the consensus estimate of $1.00. Though we’re encouraged by fee revenue growth, interest-rate-related headwinds show little sign of abating. We will maintain our $49 fair value estimate.