Goldman Sachs upgraded State Street to Buy from Neutral with a price target of $92, up from $69. The analyst thinks the risk/reward for the stock is skewed to the upside into 2024 and 2025 given potential upside to State Street’s net interest income into a lower rates backdrop. The firm expects benefits of lower deposit pricing, high deposit beta and repricing tailwinds from maturing securities to more than offset headwinds from lower rates on floating assets.
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