Northern Trust price target raised to $86 from $82 at RBC Capital

RBC Capital analyst Gerard Cassidy raised the firm’s price target on Northern Trust to $86 from $82 and keeps an Outperform rating on the shares. The company’s Q4 results were “solid”, even though the current interest rate environment, volatile markets, and expense growth continue to weigh on its results, the analyst tells investors in a research note. Going forward, the market conditions, especially the direction of short-term interest rates, will continue to play a key role in determining profitability, though Northern Trust should be able to navigate these choppy waters given its strong pedigree and management team, RBC added.