Shares of Mellon Bank Corp. gained slightly Thursday, helped by a market rally and an upgrade by Keefe, Bruyette & Woods.

Keefe analyst Joseph Duwan upgraded the Pittsburgh-based company's stock to "buy" from "attractive," and raised his 12-month target price to $84 from $75. He reiterated his earnings-per-share estimates of $5.15 for this year, $5.75 in 1997, and added an estimate of $6.45 for 1998.

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