UPDATE: Keefe, Bruyette & Woods Downgrades State Street As Positive Catalysts Go Missing

In a report published Friday, Keefe, Bruyette & Woods analyst Brian Kleinhanzl downgraded the rating on State Street Corp. (NYSE: STT) from Outperform to Market Perform, and lowered the price target from $84.00 to $79.00.

In the report, Keefe, Bruyette & Woods noted, "We are downgrading shares of State Street to Market Perform from Outperform. We do not see identifiable catalysts on the horizon to move the share price meaningfully higher and our long-term return expectations for the company have been lowered post investor day. We are lowering our 2016 EPS estimate and our price target and believe that investors can find a better entry point to own shares of STT."

State Street closed on Thursday at $74.67.