Keefe, Bruyette & Woods analyst David Konrad raised the price target on State Street (NYSE: STT) to $230.00 (from $220.00) while maintaining an Outperform rating.

The analyst commented: "Shares were down 4% on the day following the fee-driven revenue miss. However, returns were strong (25% ROTCE; 34.6% pre-tax margin), and STT maintained the fee guide (13-14%) and raised the NII guide for full-year 2026. Buybacks are expected to increase meaningfully from $400mm in 3Q26 (KBW estimates $700M for 4Q26). We assume 6% revenue growth for '27 and lift our PT to $230, and with shares trading at 10.5x '27E (a 13% discount to peers) and a 24% ROTCE, we reiterate Outperform."