Wells Fargo analyst Mike Mayo raised the firm’s price target on State Street to $84 from $71 given the elimination of the uncertainty from the company’s acquisition of Brown Brothers Harriman, an outcome that seems "less bad" than chasing a weaker economic outcome. Importantly, the termination should mean that excess capital of estimated $3B gets deployed to a buyback of estimated 11% of market cap, Mayo adds. The analyst has an Equal Weight rating on the shares.
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Published first on TheFly
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