UPDATE: Goldman Sachs Raises PT to $48 on State Street
A report from Goldman Sachs reiterates its Buy rating and raises its price target from $47 to $48 on State Street Corp. (NYSE: STT).
In the report, Goldman Sachs writes, “We reiterate our Buy rating on STT, as we believe the firm's organic growth profile, margin expansion, and significant excess capital are not adequately reflected in today's discounted valuation. Notably, despite having the highest share of revenues generated by higher-valued servicing/management fees in five years (56% of total), the stock still trades at over a 20% discount vs. the SPX (vs. 10% historically)."
STT closed yesterday at $37.49.
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