Bloomberg News

State Street Falls on Downgrade From Jefferies Analyst Usdin

October 03, 2011

Oct. 3 (Bloomberg) -- State Street Corp., the third-largest custody bank, fell as much as 6.3 percent after Kenneth Usdin, a Jefferies & Co. analyst, downgraded the company to “hold” from “buy.”

Usdin lowered his price target for the Boston-based firm to $38 a share from $42. The stock fell 74 cents, or 2.3 percent, to $31.42 at 9:41 a.m. in New York Stock Exchange composite trading.

--Editors: Steven Crabill, Rob Urban

To contact the reporter on this story: Christopher Condon in Boston at ccondon4@bloomberg.net

To contact the editor responsible for this story: Christian Baumgaertel at cbaumgaertel@bloomberg.net


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