As previously reported, Morgan Stanley analyst Betsy Graseck upgraded State Street to Overweight from Equal Weight and called the stock a Top Pick, stating that no other large cap bank stock she follows is priced for the fear of a recession the way State Street is. She contends that the market is pricing in too negative a scenario regarding its Charles River Development acquisition and thinks State Street only needs to convert 10-15 of its 87 large asset manager clients over to hit its Charles River revenue synergies target, which she say is "not a high bar." Graseck, who thinks it is wise to own trust banks in pre-recession quarters given their historical outperformance in these periods, raised her price target on State Street shares to $115 from $109.