Nomura Securities Maintains a 'Neutral' on State Street (STT); Raising Estimates After Good Qtr
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Price: $191.74 +1.00%
Rating Summary:
15 Buy, 14 Hold, 1 Sell
Rating Trend:
Down
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Rating Summary:
15 Buy, 14 Hold, 1 Sell
Rating Trend:
Down
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
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Nomura Securities maintains a 'Neutral' on State Street (NYSE: STT) price target of $46.00.
Analyst, Glenn Schorr, said, "Operating EPS of $1.01 vs. Our/Street Estimates of $0.97/$0.98. Good enough core trends considering the backdrop and subsiding seasonal comp issues helped produce positive operating leverage q/q and better 10% ROE. On the negative side, AUC / AUM both declined this quarter on lower markets, there were $19mm in securities gains in the quarter and STT took $46mm in securities losses related to Greek securities that were not in operating results. We think the stock is still interesting long term, but likely range-bound near term as the capital return story has lost some steam and earnings headwinds are still there."
"3Q12E EPS from $0.94 to $0.99; 4Q12E EPS from $0.97 to $1.04; F12E EPS from $3.74 to $3.91; 1Q13E EPS from $0.97 to $0.94; 2Q13E EPS from $1.06 to $1.07; 3Q13E EPS from $1.09 to $1.07; 4Q13E EPS from $1.11 to $1.08; F13E EPS from $4.22 to $4.16.
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 $41.33 yesterday.
Analyst, Glenn Schorr, said, "Operating EPS of $1.01 vs. Our/Street Estimates of $0.97/$0.98. Good enough core trends considering the backdrop and subsiding seasonal comp issues helped produce positive operating leverage q/q and better 10% ROE. On the negative side, AUC / AUM both declined this quarter on lower markets, there were $19mm in securities gains in the quarter and STT took $46mm in securities losses related to Greek securities that were not in operating results. We think the stock is still interesting long term, but likely range-bound near term as the capital return story has lost some steam and earnings headwinds are still there."
"3Q12E EPS from $0.94 to $0.99; 4Q12E EPS from $0.97 to $1.04; F12E EPS from $3.74 to $3.91; 1Q13E EPS from $0.97 to $0.94; 2Q13E EPS from $1.06 to $1.07; 3Q13E EPS from $1.09 to $1.07; 4Q13E EPS from $1.11 to $1.08; F13E EPS from $4.22 to $4.16.
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 $41.33 yesterday.
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