Fly News Breaks for January 21, 2020
Jan 21, 2020 | 09:39 EDT
RBC Capital analyst Gerard Cassidy raised his price target on State Street to $85 after its "strong" Q4 results that were driven by higher net interest income and fee revenues. The analyst notes that the key to 2020 for the company will be the continuation in fee income growth and net interest income stabilization seen last year, but he keeps his Sector Perform rating on State Street as stronger U.S. Dollar weakens its servicing revenue and given the "tectonic change" in asset management toward passive managed funds.
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