Northern Trust price target lowered to $105 from $115 at RBC Capital

RBC Capital lowered the firm’s price target on Northern Trust (NTRS) to $105 from $115 and keeps an Outperform rating on the shares. The company posted strong Q1 results with positive operating leverage, though going forward, market conditions, particularly short-term interest rates, will likely continue to play a key role in determining the bank’s profitability, the analyst tells investors in a research note. With its strong pedigree and management team, Northern Trust should be able to navigate these choppy waters to deliver sustainable results, RBC adds.