Wells Fargo analyst Mike Mayo maintained a Hold rating on State Street (STT) today and set a price target of $68.00. The company’s shares closed last Monday at $49.42, close to its 52-week low of $47.48.
According to TipRanks.com, Mayo is a 4-star analyst with an average return of 2.3% and a 49.5% success rate. Mayo covers the Financial sector, focusing on stocks such as Zions Bancorporation National Association, JPMorgan Chase & Co., and Goldman Sachs Group.
The word on The Street in general, suggests a Moderate Buy analyst consensus rating for State Street with a $82.75 average price target, representing a 70.3% upside. In a report issued on March 5, Deutsche Bank also downgraded the stock to Hold with a $70.00 price target.
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Based on State Street’s latest earnings release for the quarter ending December 31, the company reported a quarterly revenue of $3.32 billion and net profit of $704 million. In comparison, last year the company earned revenue of $3.1 billion and had a net profit of $440 million.
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State Street Corp. operates as a financial holding company. It conducts business primarily through State Street Bank. The company operates through following business lines: Investment Servicing and Investment Management.
