BofA raised the firm’s price target on Northern Trust (NTRS) to $115 from $103 and keeps a Buy rating on the shares. The company’s “best-in-class and hard to replicate” private banking franchise that is focused on catering to the ultra-high net worth segment has seen its potential weighed down by “middling execution,” which has served as a drag on investor sentiment, says the firm, which notes that management called out a sharpened focus on operational excellence, which the firm believes should drive positive operating leverage.
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