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Article: Mellon Gets an Upgrade But PNC Called Too Pricey.(Mellon Financial Corp., PNC Financial Services Group Inc.)(Brief Article)
- Article from:
- American Banker
- Article date:
- September 5, 2001
- Author:
CopyrightCOPYRIGHT 2001 SourceMedia, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Mellon Financial Corp. and PNC Financial Services Group Inc., share a hometown, Pittsburgh, and compete in several business lines, but Tuesday on Wall Street it was hard to see past their differences.
Prudential Securities analyst Michael L. Mayo says the market had been overvaluing Mellon, which on Tuesday he upgraded to "hold" from "sell." And now, he says, the market overvalues PNC, which he downgraded to an outright "sell," saying its share performance in recent months had left it overvalued.
Mr. Mayo decided that Mellon's share price had fallen sufficiently to address his concerns.
At the heart of both changes was the market's response, or ...