Northern Trust price target lowered to $90 from $95 at Deutsche Bank

Deutsche Bank analyst Brian Bedell lowered the firm’s price target on Northern Trust to $90 from $95 and keeps a Hold rating on the shares. Northern Trust had a "tough" Q4 on both revenue and expenses, and continues to believe Northern had the weakest Q4 results across the trust banks, the analyst tells investors in a research note. While Management plans to raise its focus on controlling costs, higher expenses should persist in the near-term, while net interest revenue should also begin to drop modestly in 1Q23 before rebounding again in the second half, Bedell says.