RBC Capital analyst Gerard Cassidy lowered the firm’s price target on Northern Trust to $77 from $87 but keeps an Outperform rating on the shares. The company posted better than expected Q1 results, but the interest rate environment, volatile markets, and the decline in deposits and expense growth continue to weigh on its results, the analyst tells investors in a research note. Market conditions will continue to play a key role in determining Northern Trust’s profitability going forward, but based on its "strong pedigree and management team", the company should navigate these challenges, RBC added.
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Read More on NTRS:
- Northern Trust downgraded to Neutral from Buy at Seaport Research
- Northern Trust price target lowered to $107 from $113 at Barclays
- Northern Trust reports Q1 EPS $1.51, consensus $1.52
- Northern Trust price target lowered to $113 from $118 at Barclays
- Northern Trust upgraded to Neutral from Underweight at JPMorgan