Northern Trust price target lowered to $111 from $118 at Wells Fargo

Wells Fargo lowered the firm’s price target on Northern Trust (NTRS) to $111 from $118 and keeps an Equal Weight rating on the shares. Despite a beat on net interest income and expenses, weak fee growth and possible headwinds from lower markets lead the firm to reduce its estimates and price target Northern’s growth is toward the bottom of trust banks, with less justification for a premium valuation, Wells adds.