Argus raised the firm’s price target on State Street to $92 from $86 and keeps a Buy rating on the shares after its Q2 earnings beat. The company also expects to deliver both positive fee operating leverage and positive total operating leverage for the full year as well as accelerate share repurchases in the second half of 2024, the analyst tells investors in a research note. Argus further notes that State Street’s current valuation provides a favorable entry point as the stock trades at just 10-times the company’s expected 2024 earnings.
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