Truist downgraded State Street (STT) to Hold from Buy with a price target of $138, up from $131. The downgrade reflects portfolio balance rather than a new negative view on State Street, following an upgrade to BNY Mellon (BK) and sufficient equity exposure through other Buy-rated names, the analyst tells investors in a research note. Near term, State Street’s relatively high FX trading exposure is a headwind given unusually low currency volatility in Q4, the firm says.
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