JPMorgan upgraded Northern Trust to Neutral from Underweight with a price target of $96.50, down from $97. The company should benefit from the recent banking sector turmoil through gaining deposits in its wealth management business, the analyst tells investors in a research note. Northern Trust also seems to have seen a turn in its money market funds business which had lost market share over the past year, adds the firm. The increase in deposits and money market assets should benefit the bank’s revenues and earnings, says JPMorgan.
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