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Fly News Breaks for August 2, 2018
STT
Aug 2, 2018 | 17:22 EDT
Keefe Bruyette analyst Brian Kleinhanzl downgraded State Street to Market Perform and lowered his price target to $91 from $97 to account for the impact of the Charles River Development acquisition. The analyst warns that the deal has increased the risks for State Street investors, while the anticipated revenue synergies may not emerge. Kleinhanzl says that he prefers a neutral stance until those synergies emerge or until valuation is more attractive.
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