Jefferies Downgrades State Street (STT) to Hold

Jefferies downgraded State Street (NYSE: STT) from Buy to Hold with a price target of $38 (down from $42).

The firm comments, "We are downgrading STT to Hold from Buy due to our expectation for negative estimate revisions to play catch-up relative to peers (our 2012 EPS estimate of $3.45 is 16% below consensus). Lower market levels and growing concerns about dovish ECB monetary policy dampen the revenue outlook, overcoming a low P/E, benefits from cost saves, and ample capital to deploy as longer-term positives."

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 $32.16 yesterday.

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