Jefferies Adjusts Estimates on State Street (STT); A Short-Term, Long-Term Debate

Jefferies maintains a 'Hold' on State Street (NYSE: STT) price target raised from $41 to $45.

Jefferies analyst says, "STT's investor day demonstrated the near-term challenges still facing the trust banks. While market levels are up, business activity remains somewhat muted, leading to a modest revenue growth outlook for '12. We take estimates up vs. our overly conservative view on a few line items, moving to $3.90 for '12 and $4.60 for '13. Long-term ROE guidance of 12%-15% is possible, but a long way away on achievability, in our view."

"We move '12 EPS to $3.90 from $3.75 on a better trajectory for NIM and asset mgmt. fees relative to our prior model and '13 goes to $4.60 from $4.50."

For an analyst ratings summary and ratings history on State Street click here. For more ratings news on State Street click here.

Shares of State Street closed at $41.10 yesterday.

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