Citi raised the firm’s price target on State Street to $90 from $85 and keeps a Neutral rating on the shares. The firm notes State Street outperformed on earnings day following a 20c core PPNR beat to consensus on strong net interest income and expense performance, and significantly raising guide on net interest income plus signaling expected positive fee op leverage. Citi would expect to see 2%-3% in upward revisions to consensus estimates in 2024 and 2025.
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