State Street (STT) Rising as HSBC Upgrades; Firm Calls Recent Sell-Off 'Overdone'
More News related to STT
- State Street Releases Vision Report on UCITS IV
- State Street Investment Analytics Announces Master Trusts Gained 19.4% in 2009
- State Street Appointed by Wellington West Asset Management to Provide Investment Services for New Funds
- Pittsburgh Law Office of Alfred G. Yates Jr., PC Announces Class Action Lawsuit On Behalf of Shareholders of Terex Corporation (TEX)
- State Street (STT) to Pay $663M in Settlements Tied to Fixed-Income Investments
More News related to Trader Talk
- Piedmont Office Realty Trust's (PDM) Smaller and Cheaper IPO Trades Higher
- Terreno Realty (TRNO) IPO Trades Lower
- Ben Bernanke: Federal Reserve's exit strategy
- Goldman (GS) CFO: Banks Outperformance Will Prevent Credit Rating Downgrade, Dropping Bank Holding Status Not Realistic
- Isis Pharmaceuticals (ISIS) Falls On Safety Concerns
State Street (NYSE: STT) shares are outperforming the now modestly lower major averages, currently up 3.4% to $42.08 (versus the Dow which is down 1 point for the session). Traders are attributing the strength to an earlier upgrade from an analyst at HSBC.
The firm raised its investment rating on the bank from Neutral to Overweight, also cutting its price target from $53 to $51. HSBC believes that State Street's recent slide (down 26% over the last month) is "overdone". The firm believes that concerns related to the recovery rate in core net interest income, while in fact real, are "excessive".
HSBC's new price target represents potential price appreciation of nearly 21% from where the stock is today.
Click here to see all the upgrades/downgrades on shares of State Street.
State Street Corporation, through its subsidiaries, provides a range of products and services for the institutional investors worldwide.
Related Categories
Trader TalkUpgrades
Stocks Mentioned
+0.29Related Entities
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
