Truist upgraded State Street (STT) to Buy from Hold with a price target of $112, up from $85. Among the trust banks, State Street should be the biggest beneficiary of the recent upturn in equity markets, the analyst tells investors in a research note. The firm says State Street also discloses as more asset sensitive versus peers. Truist thinks this setup could be a catalyst to help the shares recapture some of its underperformance versus the broader bank group. State Street also recently announced its permanent CFO, and the reduced uncertainty from a “solid hire” is “helpful,” contends Truist.
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