Wolfe Research downgraded State Street to Underperform from Peer Perform with a $73 price target. The analyst sees room for further share underperformance, driven by negative earnings revisions, as the firm believes consensus earnings forecasts are “much too high.” Wolfe believes further net interest income headwinds not reflected in Street estimates. State Street’s fee growth has been very limited “and we do not see this inflecting,” the firm contends.
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