In a report published Monday, Jefferies analyst Ken Usdin reiterated a Buy rating on State Street Corporation STT, and raised the price target from $65.00 to $75.00.
In the report, Jefferies noted, “We mark our EPS forecasts higher with equity markets up 4% QTD, putting us above the Street for 2Q13. Higher market levels continue to provide tailwinds to core businesses, but proxies for FX and sec. lending are still mixed (higher spreads/volatility, but lower volumes). STT remains our preferred name given its unique combination of offense (strongest rev. grower) and defense (biggest capital return & efficiency initiatives).”
State Street Corporation closed on Friday at $66.18.
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