Credit Suisse analyst Susan Roth Katzke maintained a Neutral rating on State Street (STT) but cut her price target to $80 from $88. In a research note to investors, she says that she has increased the weighting on her "gray sky valuation" to 25% from 15% and reduced the weighting on her "blue sky scenario" to 25% from 35%, and while she does not anticipate an imminent turn in the cycle, she feels she must recognize some increased probability relative to the status quo. The analyst also lowered her price targets on other large banks, including Morgan Stanley (MS), PNC (PNC), Bank of America (BAC), Goldman Sachs (GS), JPMorgan (JPM) and Wells Fargo (WFC).

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HSBC analyst Saul Martinez raised the firm's price target on Goldman Sachs to $470 from $460 and keeps a Buy rating on the shares. The analyst increased estimates following Goldman's "broad-based beat" in Q1. Though macro uncertainty remains, higher investment banking fees and "self-help" should contribute to ongoing return on tangible common equity improvements, the analyst tells investors in a research note. HSBC calls Goldman its preferred vehicle to invest in improved capital markets activity.

As previously reported, Argus upgraded Goldman Sachs to Buy from Hold with a $465 price target. The company's Q1 results demonstrated the considerable strengths of the Goldman franchise during an investment banking upturn, the analyst tells investors in a research note, stating that while the investment banking environment offered a few false rebounds in 2023, the current surge appears to have staying power as equity and debt underwriting showing sequential improvement. Goldman's recent exit from several consumer businesses, which produced significant losses for the firm, also removes a headline risk and allows its management to refocus on core strengths in capital markets, Argus added.

Reports Q1 revenue $25.82B, consensus $25.46B. Reports Q1 CET1 capital ratio 11.8%. Reports Q1 tangible book value per share $24.79. Reports Q1 net charge-offs .58%. The bank said, "We reported a strong quarter as our businesses performed well, adding clients and deepening relationships. We reached 36.9 million consumer checking accounts, with 21 consecutive quarters of net checking account growth. Our Wealth Management team generated record revenue, with record client balances, and investment banking rebounded. Bank of America's sales and trading businesses continued their strong 2023 momentum this quarter, reporting the best first quarter in over a decade. Continued strong earnings and strong expense management both position our company to continue to drive our market leading positions across our businesses."