12:15 PM EDT, 04/02/2024 (MT Newswires) -- CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows:

We lower our target $8 to $70 on a forward P/E of 9.1x, below the three-year historic average at 10.1x and taking into account low-single-digit growth in 2024. STT's net tangible book value (NTBV) is $44.23, which equates to a P/NTBV of 1.7x, near the three-year average. We continue to believe STT shares will be a relative underperformer to the financial sector, given 3%-4% estimated fee income growth and declining net interest income. STT shares have a 1.5x beta and the share price is up nearly 17% from last October's lows. Fee services are dependent on asset flows and market pricing. STT realized record cash net inflows of $76B in 2023, as well as a record for ETF and Institutional Money Market Fund assets under management. The bank had a $387M payment for the FDIC industry-wide special assessment. For STT to exceed our bearish view, we think the bank needs to execute sales performance and implement productivity processes and new product enhancements. STT has a strong balance sheet with an 11.6% CET1 ratio.