Jefferies Maintains Buy on State Street

Jefferies is out with its report today on State Street STT, maintaining Buy. In a note to clients, Jefferies writes, "STT posted GAAP EPS of $1.00, although operating EPS is closer to $0.93 ex. specials, which is $0.03 below consensus. Decent revenue growth did not show up on the bottom line due to higher-than-expected expenses. Stock was a favorite long among trust banks and could be soft on the core miss." At the time of posting, shares of STT were trading at $41.29, down 3.86% from Monday's close.