State Street initiated with a Hold at Truist

Truist initiated coverage of State Street (STT) with a Hold rating and $106 price target While the stock’s valuation is undemanding versus peers and State Street’s own history, this is warranted given the bank’s recent lackluster organic growth and pricing trends, the analyst tells investors in a research note. The firm says the bank’s recent efforts with its integrated Alpha offering and Private Markets initiatives “will take time to move the needle.”