Citi Maintains Buy on State Street Corp (STT)

Citi is out with its report today on State Street Corp STT, maintaining Buy.

In a note to clients, Citi writes, "The stock has been trading in a 10.0x-12.0x forward P/E range compared to 19x and 18x on average during the past 10 and 20 years, respectively. Relative to its Trust and Processor peers as well as the S&P 500 the stock appears significantly undervalued on a 12-month forward P/E by long-term historical standards. We believe the current valuation creates a buying opportunity and expect valuation multiples to trend toward historical average levels over the next 12 months."

Citi maintains a $60 PT on STT.

Shares of STT closed Tuesday at $42.73, down 1.48% from Monday's close.