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

In a report published Wednesday, ISI Group analyst Brian Bedell reiterated a Buy rating on Northern Trust Corporation 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.