Truist keeps Hold ratings on State Street and Occidental Petroleum

what happened

Truist Securities kept its Hold rating on State Street shares with a price target of $171. The target implies a 2.5% gain from the October 14 close of $166.89. According to the analysts, State Street's fourth quarter 2026 earnings and guidance came in below expectations, and its net interest income outlook was less upbeat than investors had hoped. Because the bank's earnings are heavily shaped by cyclical factors, the analysts want steadier performance in line with medium-term targets before taking a more positive view.

For Occidental Petroleum, Truist also kept its Hold rating, with a $64 price target. That target implies a 4.2% gain from the October 14 close of $61.41. The analysts expect the company to deliver $4 billion in sustainable cash flow improvements from cost efficiencies and operational savings, which should hold even if oil prices stay low. The rating also rests on enhanced oil recovery expertise and improving well productivity.

why it matters

For markets, the two notes signal caution: analysts do not yet see grounds for a higher valuation for a bank with cyclical earnings or for an oil producer whose cash flow story rests on cost savings rather than oil prices. The information comes from Truist's analyst notes, not from any company decision.

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