Jefferies Upgrades State Street (STT) to Buy

Jefferies upgraded State Street (NYSE: STT) from Hold to Buy with a price target of $65.00 (from $59.00).

The firm comments, "We upgrade STT to Buy noting a stronger revenue environment, which should fuel positive estimate revisions and help restore its P/E valuation closer to a market multiple. An unmatched capital return profile and ramping cost saves provide downside support if the revenue environment sputters."

Jefferies rasied FY13 EPS from $4.35 to $4.40 and FY14 from $5.10 to $5.20.

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 $56.09 yesterday.

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