Goldman Sachs is out with its report today on State Street STT, reiterating Buy.
In a note to clients, Goldman Sachs writes, "Trust banks remain growth-constrained, as, despite a +4% increase in 1Q AUC/A, the group's core pre-tax income was down -0.9%, pushing the overall yield on AUC/A down to 0.35 bp from
1Q10's 0.46 bp. In this environment, we believe STT offers the best near-term earnings growth story at an attractive multiple of 10X 2012E P/E vs. historical 13X over the last five years."
Goldman Sachs has a $56 PT on STT.
Shares of STT closed Wednesday at $46.02.
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Posted In: Analyst ColorPrice TargetAnalyst RatingsAsset Management & Custody BanksFinancialsGoldman SachsState Street
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