Jefferies upgraded Northern Trust to Buy from Hold with a price target of $99, up from $68. The trust banks enter 2024 with net interest income closer to stabilizing, fee tailwinds from strong Q4 markets, and “best-in-group” capital return, the analyst tells investors in a research note. Northern Trust had a tumultuous last two years, plagued by ultra-high expense growth in 2022 and by NII challenges in 2023, says the firm. However, it believes a positive rate of change for both is under way, with management indicating urgency around lowering the expense growth rate further in 2024 and NII stabilizing in Q4 of 2023.
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