UPDATE: J.P. Morgan Reiterates Neutral Rating, Raises PT on State Street Corporation Relative to Trust Bank Peers

In a report published Monday, J.P. Morgan reiterated its Neutral rating on State Street Corporation

, and raised its price target from $50.50 to $59.00. J.P. Morgan noted, “We maintain our Neutral rating on State Street relative to its trust bank peers due to its relatively greater risk from decline in market valuations and lower earnings quality with a history of numerous surprise charges in several parts of the company over the past few years. In addition, similar to peers, STT continues to face revenue pressures from low absolute interest rates and declining revenues in volatility driven businesses. We believe STT's current discount relative to its historical average P/E multiple is warranted with the increased volatility of earnings and lower quality.” State Street Corporation closed on Friday at $57.19.