State Street falls after Truist Securities downgrades to 'hold'

Shares of custodian bank State Street STT.N fall 1.17% to 132.75

Truist Securities downgrades STT to "hold" from "buy"

Brokerage says downgrade is less about seeing a new incremental negative in STT and more about wanting some balance in our ratings

We also feel that we have enough equity exposure via our "buy" ratings on Robinhood HOOD.O and Charles Schwab SCHW.N, and it seems prudent to hedge a bit by moving STT to "hold", brokerage says

13 of 18 brokerages rate the stock "buy" or "higher", 4 "hold" and 1 "sell"; median PT is $143 — LSEG

Including session's move, STT up 35.4% in the last 12 months