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Fly News Breaks for March 5, 2020
STT
Mar 5, 2020 | 05:49 EDT
Deutsche Bank analyst Brian Bedell downgraded State Street to Hold from Buy with a price target of $70, down from $90. The new macro backdrop is unfavorable for trust banks given exposure to lower long-term bond yields and lower short-term rates, Bedell tells investors in a research note. In addition, lower equity markets should adversely impact trust banks' asset management and asset servicing revenue for at least the next two quarters, adds the analyst. Bedell sees lower interest rates as becoming an overhang for State Street shares.
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