Citi is out with its report today on State Street Corp STT, maintaining Buy.
In a note to clients, Citi writes, "The stock has been trading in a 10.0x-12.0x forward P/E range compared to 19x and 18x on average during the past 10 and 20 years, respectively. Relative to its Trust and Processor peers as well as the S&P 500 the stock appears significantly undervalued on a 12-month forward P/E by long-term historical standards. We believe the current valuation creates a buying opportunity and expect valuation multiples to trend toward historical average levels over the next 12 months."
Citi maintains a $60 PT on STT.
Shares of STT closed Tuesday at $42.73, down 1.48% from Monday's close.
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