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Fly News Breaks for March 6, 2015
STT
Mar 6, 2015 | 06:30 EDT
JPMorgan downgraded State Street to Underweight saying the company had the "biggest negative surprise" in the Fed's stress test results with large declines in capital ratios under the Severely Adverse scenario. JPMorgan believes State Street will need to "sharply reduce" its share buybacks to under $1B on a four quarter basis from $1.7B in 2014. The firm cut its price target for shares to $72 from $76.50. State Street was also downgraded this morning at Keefe Bruyette.
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