Evercore ISI lowered the firm’s price target on Northern Trust to $75 from $79 and keeps an In Line rating on the shares. Ahead of Q3 reporting season for the brokers, banks and asset managers, the firm is cutting Q3 estimates by 6% on average, stating that the backdrop remains challenging for the brokers, universals and trust banks as markets were down in the quarter, rates were higher, spreads wider and investment banking continues to “work through a slow recovery.”
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