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UPDATE: ISI Group Lowers PT on Northern Trust Corporation on 1Q13 Core EPS

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In a report published Wednesday, ISI Group analyst Brian Bedell reiterated a Buy rating on Northern Trust Corporation (NASDAQ: NTRS), but slightly lowered the price target from $60.00 to $59.00.

In the report, Bedell noted, “NTRS's 1Q13 core EPS of $0.71 (ex items) beat our $0.69 estimate but missed Consensus of $0.72: The op EPS excludes $0.04 of one-time items from a $12.4mn writedown of certain fee receivables from the correction of an accrual methodology and also restructuring and integration charges of $1.8mn. Overall, the quarter was mixed on the revenue front, though we were encouraged by much better expense control that enabled 200bps of positive operating leverage vs. 4Q and we see a less onerous expense burden going forward despite continued strong new business trends.”

Northern Trust Corporation closed on Tuesday at $53.40.

Posted-In: ISI GroupAnalyst Color Price Target Analyst Ratings


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