State Street price target lowered to $113 from $118 at Wells Fargo
Wells Fargo lowered the firm’s price target on State Street (STT) to $113 from $118 and keeps an Overweight rating on the shares as part of a Q1 earnings preview for the large-cap banks. The firm is bullish on the sector on a one-year view citing the “biggest deregulation in three decades,” but note that Q1 outlooks “may be tricky” given policy uncertainties. Wells reduced estimates by 4% for Q1 and 2% through 2027. The key reason is a “degree of paralysis” from policy uncertainty that makes Wel