RBC Cuts Price Targets on State Street and General Dynamics

RBC Capital issued two separate price-target cuts in the latest session: one on State Street, the asset manager and custody bank, on valuation grounds, and another on General Dynamics tied specifically to the outlook for its Gulfstream business jet division. The State Street cut lands alongside broader scrutiny of the stock's pricing relative to peers — a Motley Fool comparison published the same day noted State Street's ETF arm charges a 0.5% expense ratio versus iShares' 0.32%, though it yields 3.5% against iShares' 2.7%, underscoring the valuation debate RBC is pointing to. The General Dynamics cut is narrower, isolating Gulfstream as the source of concern rather than the company's broader defense business. Neither note included a specific new target figure in the wire summary, leaving open how large a reduction investors should expect when full research notes circulate.