Jefferies Raises Numbers on State Street (STT) After Results

Jefferies raised estimates and its price target on Buy-rated State Street (NYSE: STT) following Q1 results which showed an improved NIM outlook.

FY11 EPS goes from $3.70 to $3.80 and FY12 goes from $4.10 to $4.40.

The firm stated, "We raise our estimates following a 1Q beat to reflect a better net interest margin forecast and stronger core business trends. STT remains our preferred name among trust banks given compelling valuation (11x 2012 EPS est), aggressive capital management potential, and solid cost controls."

For more ratings news on State Street click here and for the rating history of State Street click here.

Shares of State Street closed at $45.69 yesterday.

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