State Street initiated with an Outperform at BMO Capital

BMO Capital analyst Brennan Hawken initiated coverage of State Street (STT) with an Outperform rating and $130 price target State Street has become far too inexpensive and offers investors equity market leverage and a new CFO, bringing potential for a strategic reset or shift, the analyst tells investors in a research note. State Street shares have also lagged despite market strength, and even modest progress on profitability could support outperformance, the firm added.