UPDATE: Bank of America Merrill Lynch Reiterates Neutral Rating, Raises PT on Northern Trust Corporation

In a report published Friday, Bank of America Merrill Lynch reiterated its Neutral rating on Northern Trust Corporation NTRS, and raised its price target from $49.00 to $52.00. BofA Merrill Lynch noted, “NTRS is a conservative and well-managed franchise, possessing solid capital ratios and long-term growth prospects. Its business mix of wealth management, private banking and asset servicing is well-positioned for growth. However, shares are trading near historical average multiple of our EPS estimates. Solid capital ratios provide downside support, but we expect the stock to be range-bound at current levels.” Northern Trust Corporation closed on Thursday at $47.10.