UPDATE: J.P. Morgan Raises PT on Northern Trust as Premium Valuation Reflects Strong Capital Position
In a report published Monday, J.P. Morgan reiterated its Neutral rating on Northern Trust Corporation (NASDAQ: NTRS), and raised its price target from $50.50 to $54.00.
J.P. Morgan noted, “We maintain our Neutral rating on Northern Trust relative to its trust banks peers as we believe NTRS's premium valuation reflects its very strong capital position, long-term revenue and earnings growth potential, and better risk management with an overall lower risk profile. Similar to its peers, NTRS continues to face revenue pressures from low absolute interest rates and weak trends in volatility driven businesses, but should benefit from strong long-term secular growth opportunities, expense savings initiative, and industry consolidation.”
Northern Trust Corporation closed on Friday at $53.23.
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