Truist analyst David Smith raised the firm’s price target on State Street (STT) to $122 from $112 and keeps a Buy rating on the shares as part of a broader research note previewing Q2 results for Trust banks. Global equity prices rose 11% in Q2, and fixed income asset levels were up 4.5%, boosting managed assets and fees, while interest rate expectations are also higher, supporting balance sheet driven revenue, the analyst tells investors in a research note.
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