Citi analyst Emily Ericksen upgraded State Street (STT) to Buy from Neutral with a price target of $130, up from $115, as part of a broader U.S. research note on Trust Banks. The return profiles of trust banks are impacted by volatility in the global market, but the firm sees an “attractive opportunity” in State Street to drive organic fee growth while maintaining expense discipline to deliver positive operating leverage, the analyst tells investors in a research note. Momentum in new servicing wins also serves as evidence of “growing traction”, Citi added.
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