Tucker Anthony cut estimates on Bank of New York (BK).
Analyst Gerard Cassidy says Q2 EPS came in a penny below estimates, and cited two trouble spots in Q2: the slowing global economy, and the fact that the company lost some business volumes associated with client service issues inherited from its acquisition of the former Royal Bank of
Scotland Trust Bank.
Cassidy says the lost business in particular is what concerns him, and says it may may take the company a couple of quarters to bounce back. He adds, however, that Bank of New York remains a high quality company in a strong sector of the economy, and maintains his market perform rating. Cassidy has a $50 target.