State Street price target raised to $86 from $84 at Argus

Argus raised the firm’s price target on State Street to $86 from $84 and keeps a Buy rating on the shares after its Q1 earnings beat. While net interest income headwinds persist, the management expects to achieve positive fee-operating leverage in 2024, aided by productivity savings, the analyst tells investors in a research note. The stock’s current valuation also provides a “favorable” entry point for the “high-quality” State Street shares, which trade at just under 10-times the firm’s expected 2024 EPS and yield 3.6%, Argus added.