Rochdale's Bove Upgrades State Street (STT) to Buy, Price Target to $58

In addition to a reinstated Buy rating at BofA earlier Friday morning, Rochdale's Dick Bove is also getting more bullish on shares of State Street (NYSE: STT). The analyst boosted his investment rating from Neutral to Buy while at the same time raising his price target on the stock from $42 to $58.

Shares of State Street are up more than 4 percent since announcing a raised quarterly dividend and new buyback plan on Wednesday.

With State Street shares up 0.8 percent to $46.22 Friday morning, Bove's new price target represents potential upside of about 25 percent.

For an analyst ratings summary and ratings history on State Street click here. For more ratings news on State Street click here.

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