Jefferies Lowers STT Price Target to $57

Jefferies has issued a report lowering the Price Target on State Street STT from $61 to $57 a share. According to the report, "Although 2Q results disappointed on expenses, core business lines have momentum, capital ratios are in excellent shape, and cost saves should begin to filter through over the next year. We cut our earnings forecasts to adjust for a mismatch in costs vs. benefits from restructuring plans." STT is Buy Rated and closed yesterday at $42.02 a share.