Northern Trust price target lowered to $77 from $87 at RBC Capital

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.