Shares of Bank of New York Co. surged on Tuesday after the company told Wall Street analysts it is sharply raising its own profitability targets.

The stock was ahead $1.25 to $53 in late trading on brisk volume - on a day when bank shares were up moderately and the overall market was down. However, Bank of New York shares remain under the yearend price of $53.87 after a 16.2% fall during the recent slump in banking issues.

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