UPDATE: Jefferies Lowers PT on Northern Trust from $51 to $49

Jefferies maintained a Hold rating on Northern Trust

and decreased its price target from $51 to $49. Jefferies noted, “NTRS beat by a few cents on good cost control, but we revise 2013 EPS lower to $3.50 from our too-aggressive $3.65 on a lower rev. starting point. Performance is solid in trust businesses and the productivity program will help EPS growth in 2013. Strong capital and core business momentum are standouts, but lower equity marks and subdued activity into 3Q keep us at Hold for now. Target to $49 from $51.” Northern Trust closed at $46.24 on Wednesday.