Mellon Bank Corp.'s stock is underpriced compared with its peers' and should rise more than 12% over the next year, says Kirstin B. Gard, a banking analyst at Bear, Stearns & Co.

Her optimism stems from a belief that Martin G. McGuinn, who became chairman and chief executive officer in January, and his new team will further strengthen the bank's asset management, trust and custody, and personal wealth management activities.

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