BofA analyst Ebrahim Poonawala downgraded State Street to Underperform from Neutral with an $81 price target. The firm expects the stock will lag the broader bank space in a soft-landing scenario, and possibly the investment banks i capital markets activity rebounds, the analyst tells investors in a research note. Rate cuts will serve as a drag to EPS growth, capital returns will moderate, and fee revenue pressures will persist, the firm adds.
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