A Prudential Equity Group analyst, increased his third- and fourth-quarter earnings expectations for Mellon Financial Corp. of Pittsburgh and State Street Corp. of Boston on Thursday.
Michael L. Mayo wrote in research notes that he expects Mellon to report per-share earnings of 42 cents for the third quarter and 43 cents for the fourth - both up 2 cents from his previous forecasts.
He expects State Street to post third-quarter earnings of 55 cents, up a penny from his previous target, and fourth-quarter earnings of 58 cents, 2 cents higher than he previously predicted.
Both companies should benefit from the stock market rally of recent months and lower expenses, Mr. Mayo wrote.
