State Street Corp.'s stock has surged since its March 15 announcement that its earnings would exceed expectations - to the point where some analysts are urging investors to pull back.

Stock in the Boston banking company "broke through $100, and we felt that was rich pricing," said Neal Epstein of Putnam, Lovell, de Guardiola & Thornton, which on Friday downgraded State Street shares to "hold" from "buy." Maitland Lammert of Edward Jones Investments, who noted the stock had risen to a multiple of 28, downgraded it a notch, to "buy" from "strong buy."

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