Northern Trust NII guidance weighing on shares, says Keefe Bruyette

Keefe Bruyette notes that on Northern Trust’s Q3 earnings call, management said they expect net interest income, or NII, in Q4 to range from $430M-$440M, which compares to the firm’s prior forecast of $462M and the consensus view of $449M. The firm, which sees the Q4 NII guidance and “its run-rate implications” weighing on the shares, has a Market Perform rating and $79 price target on Northern Trust.