UPDATE: Argus Upgrades State Street (STT) to Buy, 'We believe that recent weakness provides a favorable entry point'

(Updated - April 21, 2022 7:12 AM EDT)

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."

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 $75.91 yesterday.

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