Jefferies raised its price target from $57 to $62 on State Street STT, reflecting 1Q net interest margins.
According to Jefferies, “We raise our estimates following a 1Q beat to reflect a better net interest margin forecast and stronger core business trends. STT remains our preferred name among trust banks given compelling valuation (11x 2012 EPS est), aggressive capital management potential, and solid cost controls.”
Jefferies maintains its Buy rating on the stock.
STT closed at $45.69 yesterday.
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Posted In: Analyst ColorPrice TargetAnalyst RatingsAsset Management & Custody BanksFinancialsJefferies & Co.State Street Corp.
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