State Street Corp. STT stock was down 2% in premarket trade on Monday as KBW downgraded the trust bank to market perform from outperform and cut its price target to $73 a share from $84 a share. KBW analyst Michael Brown said the bank lowered its outlook for net interest income to fall by 12% to 18% during in the third quarter and another 2% to 6% in the fourth quarter. The company also expects fee revenue to drop by 1% to 1.5% in the third quarter.
STT stock was down 2% in premarket trade on Monday as KBW downgraded the trust bank to market perform from outperform and cut its price target to $73 a share from $84 a share. KBW analyst Michael Brown said the bank lowered its outlook for net interest income to fall by 12% to 18% during in the third quarter and another 2% to 6% in the fourth quarter. The company also expects fee revenue to drop by 1% to 1.5% in the third quarter.
Philippines Philippines Latest News, Philippines Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: PennLive - 🏆 463. / 53 Read more »