Bank of New York "market perform"

03/31/06 - Punk Ziegel & Co.

NEW YORK, March 31 (newratings.com) - Analyst Richard X Bove of Punk Ziegel & Co maintains his "market perform" rating on Bank of New York (BK). The target price is set to $35.

In a research note published yesterday, the analyst mentions that CNBC reports indicate that JP Morgan is likely to acquire the retail branch system of Bank of New York for $4 billion. According to the analyst, the potential acquisition would be a strategic fit for JP Morgan’s rebuilding programme and allow Bank of New York to focus on restructuring itself into a fully integrated financial services company.