UPDATE: Jefferies Raises PT on State Street Corporation to $45

Jefferies reiterates its Hold rating on State Street Corporation

and raises its price target by $4 to $45 as it raises estimates on line items that may be viewed overly conservatively. Jefferies comments, "STT's investor day demonstrated the near-term challenges still facing the trust banks. While market levels are up, business activity remains somewhat muted, leading to a modest revenue growth outlook for '12. We take estimates up vs. our overly conservative view on a few line items, moving to $3.90 for '12 and $4.60 for '13. Long-term ROE guidance of 12%-15% is possible, but a long way away on achievability, in our view." SST closed at $41.10 a share yesterday.