Wells Fargo lowered the firm’s price target on Northern Trust (NTRS) to $90 from $100 and keeps an Overweight rating on the shares after the company lowered guidance for Q3 net interest income and net interest margin while presenting at a conference. The company’s lower NII and other guidance leads Wells to reduce its own estimates, notes the firm, which calls out State Street (STT) as its top trust bank pick.
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