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.
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Posted In: Analyst ColorPrice TargetAnalyst RatingsAsset Management & Custody BanksFinancialsJ.P. MorganState Street
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