State Street Analysts Slash Their Forecasts After Q2 Results

State Street Corporation STT reported better-than-expected second-quarter earnings.

State Street reported quarterly revenues of $3.11 billion, up 5% Y/Y, missing the consensus estimate of $3.14 billion. EPS of $2.17 beats the consensus estimate of $2.10.

State Street shares fell 12.1% to close at $68.10 on Friday and lost 2.2% in today’s pre-market trading session.

These analysts made changes to their price targets on State Street following earnings announcement.

• Keefe, Bruyette & Woods cut the price target on State Street from $84 to $73. Keefe, Bruyette & Woods analyst Michael Brown downgraded the stock from Outperform to Market Perform.
• B of A Securities lowered the price target on State Street from $80 to $72. B of A Securities analyst Ebrahim Poonawala maintained a Neutral rating.
• JP Morgan cut State Street price target from $78.5 to $71. JP Morgan analyst Vivek Juneja downgraded the stock from Neutral to Underweight.
• UBS lowered the price target on State Street from $90 to $72. UBS analyst Brennan Hawken downgraded the stock from Buy to Neutral.

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