UPDATE: ISI Group Raises PT to $64 on State Street Corporation on Investor Day Takeaways

ISI Group maintained State Street Corporation

with a Buy rating and raised the price target from $63.00 to $64.00. ISI Group commented, "Post STT's Investor Day, we are more constructive on STT's ability to beat Consensus longer-term vs. a cautious mgmt outlook. Key drivers are: 1) mgmt's cost save program is on track to deliver over 400bps op margin improvement by 2015, which under conservative revenue growth would drive 10%+ upside to Consensus in 2015, 2) macro backdrop remains materially better than mgmt 2013 outlook & could drive revenue upside, 3) STT is improving upon a leadership position in asset servicing that should enhance its longerterm position & contribute positively to core service fee growth." State Street Corporation closed at $56.59 on Thursday.