Northern Trust price target raised by $7 at RBC Capital, here’s why

RBC Capital raised the firm’s price target on Northern Trust to $82 from $75 and keeps an Outperform rating on the shares as part of a broader research note updating the company’s recent commentary at a recent industry conference. While the capital markets revenue outlook was generally weaker than expected for all the capital markets companies, there is also increased confidence that net interest margins and net interest revenue should inflect higher for most banks under the firm’s coverage, the analyst tells investors in a research note. RBC adds that assuming the U.S. economy does not head into a “hard landing” in 2024, credit costs in the industry are expected to remain manageable.