Wells Fargo analyst Mike Mayo upgraded State Street to Overweight from Equal Weight with a price target of $98, up from $88. The bank can outperform in a recession given its less credit risk while no recession would increase earnings estimates above a base case of 10% in 2023 and 2024, the analyst tells investors in a research note. The firm sees a heads you win, tails you win scenario for shares of State Street. The bank has outperformed by an average of 16% for the past four recessions, Wells points out.
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