State Street price target raised to $84 from $82 at Argus

Argus analyst Stephen Biggar raised the firm’s price target on State Street to $84 from $82 and keeps a Buy rating on the shares. The company’s Q4 results included a 14% decline in net interest income due to rising deposit costs, but on a positive note, management has projected 3%-4% fee revenue growth in 2024 and positive fee operating leverage, aided by productivity savings, the analyst tells investors in a research note. Argus adds that the deposit cost pressures, which have weighed on State Street net interest income, are seen abating around mid-year.