UPDATE: Jefferies Reiterates Hold Rating, Lowers PT on State Street

In a report published Wednesday, Jefferies & Company reiterated its Hold rating on State Street Corporation

, but lowered its price target from $52.00 to $47.00. Jefferies noted, “We cut our 2013 EPS estimate 5% to $4.30 to reflect a tougher revenue outlook (low rates, client de-risking), dilution from the GS servicing deal, and modestly lower buybacks. The negative revisions and investor disappointment about the capital impact of the acquisition and revised Basel III rules could weigh on sentiment. Valuation is below 10x our 2013 estimate and we still see growth next year, but shares lack a catalyst.” State Street Corporation closed on Tuesday at $41.33.