State Street price target raised to $133 from $125 at Truist

Truist analyst David Smith raised the firm’s price target on State Street (STT) to $133 from $125 and keeps a Buy rating on the shares as part of a broader research note on Trust Banks and Capital Markets names. The lower outlook for interest rates is a headwind for earnings via net interest income, but higher market levels should boost fees somewhat as assets under custody and assets under management levels climb, with activity levels also seeming solid as well, the analyst tells investors in a research note.