J.P. Morgan Raises PT on State Street to $53 (STT)

J.P. Morgan is out with its report today on State Street STT, raising its PT from $52 to $53. In a note to clients, J.P. Morgan writes, "We are raising our December 2011 price target to $53.00 from $52.00 to reflect a shift in our target P/E multiple to 2012 forward year P/E from current year P/E multiple and our lower EPS estimate. Our price target is based on 2012 EPS, target P/E multiple of 12.5 times, which is below the 5 year average FY2 P/E multiple of 13 times, plus net present value of future discount accretion (about $1 per share)." J.P. Morgan maintains Neutral on STT. At the time of posting, shares of STT were trading at $46.69, down 0.62% from Friday's close.