JPMorgan analyst Vivek Juneja upgraded State Street (STT) to Neutral from Underweight with an unchanged price target of $95. The firm expects trust bank stocks to benefit from “relatively better” trends in net interest income and “reasonable” valuations. State Street benefits “relatively more” from further growth in sponsored repos and completion soon of the drag from runoff of BlackRock business, the analyst tells investors in a research note. However, longer term, JPMorgan says the bank’s servicing fees growth “remains uninspiring.”
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