Bank of New York's failed run at Mellon did nothing to hurt its results, Bank of New York Co.'s chairman is telling Wall Street.

Earnings for the second quarter and the rest of the year will be strong, and operations are on track to meet or beat budgeted goals, Thomas Renyi said during lunches with Wall Street investors and advisers last week.

The presentations by Mr. Renyi and other senior executives-meant to put the company's best foot forward-were apparently convincing.

Several analysts followed up by reaffirming favorable investment ratings for a company whose strategy was dealt a setback with the failure in May of its effort to acquire Mellon.

Putting a positive spin on the failed attempt, Mr. Renyi described Mellon as more of an add-on to Bank of New York's already strong operations than a dynamic engine.

He also told analysts that few of his executives took part in the pursuit so that core operations did not suffer.

In fact, basic operations appear to be thriving, said Judah S. Kraushaar, banking analyst at Merrill Lynch & Co. "Bank of New York's momentum is not topping out."

Its stock price, which closed Monday at $62.8125, should hit $75 within a year, Mr. Kraushaar said.

Securities servicing continues to be Bank of New York's crown jewel, analysts said. The business was "budgeted aggressively" for 27% revenue growth this year and is very much on pace, Mr. Kraushaar said.

Corporate trust, global custody, and American depositary receipt businesses are all "enjoying exceptional growth," Mr. Kraushaar said.

Also, the company's corporate banking group is having a strong run, with 6% to 7% loan growth this quarter and higher syndication fees, Mr. Kraushaar said.

Indeed, Bank of New York is pursuing a strategy that should let it sustain growth regardless of which way the economy goes, said Diana P. Yates, banking analyst at A.G. Edwards & Sons.

Bank of New York "is continuing to add to its product line to bring costs down and to drive new revenue streams and trading activity," Ms. Yates said.

The company wants to do more with its retail network of 360 offices. Through these offices, based primarily in wealthy areas, Bank of New York is using asset-allocation products, debit cards, and free checking to bring in new fee income, Ms. Yates said.

Still, some analysts said, Bank of New York faces considerable challenges, especially on the securities processing side.

The company may well need to make an acquisition "to leapfrog and solidify its position" in an industry where State Street Corp. and Northern Trust Corp. are making strides, said Carla D'Arista, banking analyst at Friedman, Billings, Ramsey & Co.

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