State Street price target lowered to $89 from $104 at Truist

Truist analyst David Smith lowered the firm’s price target on State Street (STT) to $89 from $104 and keeps a Hold rating on the shares as part of a broader research note previewing Q1 results for Trust Banks. The group tends to outperform in times of volatility and uncertainty, but this hasn’t been the case during the recent correction, and the firm is updating its models with lower earnings estimates to reflect the declining markets and rate expectations, the analyst tells investors in a research note.