State Street (STT) PT Raised to $80 at Jefferies
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Jefferies analyst Ken Usdin reiterated a Buy rating on State Street (NYSE: STT) and raised his price target on $80.00 (from $74.00), saying it remains well-positioned to beat expectations.
Usdin commented, "Following the positive turn in out-year EPS ests., STT remains well-positioned to beat expectations. We believe the Beacon cost initiative progress and record 2Q16 asset servicing wins are not fully appreciated. Secular drivers and easier 2H comps support fee growth and valuation metrics are attractive relative to history and the market. We establish an '18 EPS est. of $6.50 and raise our PT to $80."
Shares of State Street closed at $70.63 yesterday.
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