Wells Fargo analyst Mike Mayo raised the firm’s price target on State Street (STT) to $129 from $121 and keeps an Overweight rating on the shares. The firm notes State Street reported Q3 of $2.78, 14c above consensus, which mostly reflected strong fee growth helped sec lending, f/x, gains, asset management and servicing, mitigated by lower net interest income. Wells increases estimates to reflect higher market values.
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