UPDATE: Jefferies Raises PT to $51 on State Street

Jefferies increases its price target from $45 to $51 on Hold-rated State Street

on improved sector confidence. Jefferies says, "Backed by a 12% market move, we expect 1Q results to reflect an improved, but still somewhat challenged, revenue environment. NTRS sets up best given strong equity comps (lagged & forward) and better expense leverage. STT also has strong comps, but seasonal expense step-ups make consensus tough to reach, in our view. BK could miss slightly due to seasonally weaker performance fees and less benefits from higher market levels." STT closed at $45.88 yesterday.