State Street price target raised to $109 from $106 at BofA

BofA raised the firm’s price target on State Street (STT) to $109 from $106 and keeps an Underperform rating on the shares. Despite the beat, the stock underperformed peers as investors likely focused on the net interest income outlook, the firm says. The lack of idiosyncratic catalysts and better relative risk/reward elsewhere keeps the firm’s rating at Underperform.