Truist raised the firm’s price target on State Street (STT) to $125 from $116 and keeps a Buy rating on the shares as part of a broader research note on Trust Banks. Trust banks have all been able to grow assets under custody or administration – AUC/A – over time though with the help of a sizable market tailwind, the analyst tells investors in a research note. Truist adds that for State Street, higher revenues are driven by stronger management and servicing fees from higher client asset levels due to equity market strength, as well as somewhat higher net interest income driven by higher deposit flows and earning asset levels.
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