UPDATE: JP Morgan Upgrades State Street Corporation to Neutral on Cost Progress

JP Morgan upgraded State Street Corporation STT from Underweight to Neutral and raised the price target from $46.50 to $50.50. JP Morgan said, "We are upgrading State Street to Neutral from Underweight with announcement of a second cost savings program which will likely drive an additional $90 mil in annual savings by 2014 – $0.14 benefit to EPS and could provide offset to tough markets. The current cost savings program is tracking ahead of schedule and STT's two cost savings initiatives combined are larger than peers. Operating trends remained mixed - net interest margin (NIM) to decline more than expected, F/X market remains pressured by low volatility, and securities lending volumes and spreads remain pressured." State Street Corporation closed at $53.36 on Friday.