Northern Trust downgraded to Neutral from Buy at Goldman Sachs

Goldman Sachs analyst Alexander Blostein downgraded Northern Trust to Neutral from Buy with a price target of $95, down from $97. With tailwinds from higher short-term interest rates peaking in early 2023, Northern Trust’s earnings drivers will pivot to fee growth, expense management and capital returns, Blostein tells investors in a research note. The analyst expects the company "to struggle on all three fronts." However, Blostein thinks these risks are already priced into the shares.