Jefferies Adjusts Estimates on State Street (STT); A Short-Term, Long-Term Debate
STT Hot Sheet
Rating Summary:7 Buy, 5 Hold, 1 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 20 | Down: 11 | New: 38
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, with a 52 week range of $29.86-$47.80.
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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, with a 52 week range of $29.86-$47.80.
Discover Wall Street's best ratings calls with the pros - Ratings Insider Elite. Free Trial!
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