In a report published Tuesday, Keefe, Bruyette & Woods analyst Brian Kleinhanzl reiterated an Outperform rating and $88.00 price target on State Street Corporation STT.
In the report, Keefe, Bruyette & Woods noted, “We are highlighting State Street Corporation (STT) as our holiday opportunity as we believe STT is at an attractive valuation relative to peers based on our return expectations and growth outlook. Further, STT has the best fundamental outlook within the T&C sector, in our view, since it should benefit from the secular shift to passive investing within Asset Management and also stands to benefit from growth in alternative assets globally given its leading-market-share position in that segment. An attractive relative valuation with opportunity for multiple expansion, strong capital position, and less downside risk versus peers, in our view, are all reasons that we believe investors should own STT.”
State Street Corporation closed on Monday at $79.90.
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