The Bank of New York Mellon Corporation was raised to ‘Buy’ from ‘Neutral’ by Goldman Sachs today.

At last week’s lows BK had fallen over 45% from its 2020 peak. This steep dive pushed shares to their deepest oversold reading(weekly MACD) since the end of 2011. Shares fell below the 2016 and 2014 lows along the way. BK has not closed out a month below $30.00 since the summer of 2013.

Current dividend yield=4.5%.

We are long BK in some managed accounts.