Bank of New York’s stock surges to lead financial sector after BofA swings to bullish from bearish

Shares of Bank of New York Mellon Corp. jumped 3.6% in morning trading Wednesday, enough to pace its peer group’s gainers, after BofA Securities analyst Michael Carrier swung to bullish from bearish on the financial services company, citing an improving earnings outlook and attractive valuation. “Despite the near-term low short-rate headwinds, we expect the combination of rising rates, strategic initiatives and active expense/capital management to drive stronger revenue and earnings growth over the next few years,” Carrier wrote in a note to clients. He raised his rating to buy from underperform, and boosted his stock…

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