UPDATE: Argus Upgrades State Street (STT) to Buy, 'We believe that recent weakness provides a favorable entry point'
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Argus analyst Stephen Biggar upgraded State Street (NYSE: STT) from Hold to Buy with a price target of $93.00.
The analyst comments "We are raising our rating on State Street Corp. (NYSE: STT) to BUY from HOLD. The company's 1Q22 results showed growth in most fee-based revenue categories as well as in net interest income. The latter should remain a strong tailwind in 2022 as the Fed raises interest rates. We believe that State Street is doing a good job managing the shift from active to passive money management, which has created fee pressure and increased competition. In a challenging revenue environment, the company is working to control costs, and we look for well-contained expenses to continue in 2022."
Shares of State Street closed at $75.91 yesterday.
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