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Goldman Sachs upgrades State Street to 'buy' from 'neutral'

Goldman Sachs analyst Alexander Blostein upgraded State Street Corp. to "buy" from "neutral" with a 12-month price target of $95.

Blostein believes that the company's stock has room to grow as ongoing expense initiatives and improving capital flexibility may boost benefits from stronger revenues conditions.

The analyst believes that the company's management will continue its focus on automation and expense rationalization supporting faster-than-expected margin expansion into the year.

Blostein's EPS estimates for State Street are $7.22 for 2020 and $8.18 for 2021.