Goldman Sachs Downgrades State Street (STT) to Neutral
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Price: $66.68 --0%
Rating Summary:
8 Buy, 7 Hold, 2 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 0 | Down: 2 | New: 2
Rating Summary:
8 Buy, 7 Hold, 2 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 0 | Down: 2 | New: 2
Trade STT Now!
Goldman Sachs downgraded State Street (NYSE: STT) from Buy to Neutral with a price target of $47.00.
The firm comments, "While we still favor STT's revenue opportunities in asset servicing/management as well as its leading capital position, we struggle to find a catalyst for EPS upside in the near term and/or positive multiple re-rating, keeping the stock range-bound. Moreover, a tough revenue backdrop for fee businesses and incrementally greater NIM headwinds into 2013 pose risks to STT’s pre-tax margin expansion story, in our view."
Goldman lowered 2013/2014 EPS estimates to $4.40/$5.15 from $4.55/$5.25 to reflect a tougher revenue backdrop and a slower pace of pre-tax margin expansion.
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 $44.04 yesterday, with a 52 week range of $29.86-$47.20.
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The firm comments, "While we still favor STT's revenue opportunities in asset servicing/management as well as its leading capital position, we struggle to find a catalyst for EPS upside in the near term and/or positive multiple re-rating, keeping the stock range-bound. Moreover, a tough revenue backdrop for fee businesses and incrementally greater NIM headwinds into 2013 pose risks to STT’s pre-tax margin expansion story, in our view."
Goldman lowered 2013/2014 EPS estimates to $4.40/$5.15 from $4.55/$5.25 to reflect a tougher revenue backdrop and a slower pace of pre-tax margin expansion.
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 $44.04 yesterday, with a 52 week range of $29.86-$47.20.
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
*NEW - Download StreetInsider's FREE iPhone and iPad App - Click Here
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