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State Street (NYSE:STT) price target slashed from $83 to $67 by Buckingham analyst

  • State Street (NYSE:STT) price target slashed from $83 to $67 at Buckingham
  • Analyst James Mitchell said reduced activity in EM markets was understandable, but that lower fee income guidance was nevertheless disappointing
  • He kept his Buy rating unchanged

State Street saw its price target at Buckingham lowered from $83 to $67 by analyst James Mitchell on Wednesday. Mitchell said that a sell-off and reduced activity levels in high-margin EM regions were “somewhat understandable”, but that when it came to fee income guidance, the substantial guide down in NII was nevertheless disappointing.

Mitchell kept his current Buy rating unchanged but told investors that he expected the share price to be range-bound until the market gets more comfortable that the Earnings Per Share have reached a bottom turning point.