Northern Trust price target raised to $101 from $93 at BofA

BofA raised the firm’s price target on Northern Trust to $101 from $93 and keeps a Buy rating on the shares. Shares underperformed peers despite Q1 core EPS topping expectations, driven by higher-than-expected net interest income and fees, the analyst tells investors. The firm raised its FY24 EPS forecast by about 6% to $6.73, driven by higher net interest income, noting that the positive EPS revisions drive its higher price target for the shares.