State Street price target raised to $96 from $85 at BofA

BofA analyst Ebrahim Poonawala raised the firm’s price target on State Street to $96 from $85 and keeps an Underperform rating on the shares. While spread revenue drove a beat Q2 earnings beat and the firm has revised its EPS estimates higher, its Underperform rating on the stock has been driven by better relative risk/reward it sees elsewhere in its coverage and a lack of catalysts keeps BofA cautious on State Street, the analyst tells investors.