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In a report published Friday, Morgan Stanley analyst Betsy L. Graseck reiterated an Underweight rating on
Northern Trust CorporationNTRS, but lowered the price target from $74.00 to $70.00.
In the report, Morgan Stanley noted, “Although we see 11% upside to current share price, we are Underweight NTRS as we expect other LC banks will outperform on improving credit or accelerating share gain. Drivers to get more positive on the stock are accelerating AUC/AUM wins, faster path to target efficiencies, higher short-end rates. NTRS should be of interest to yield investors as its dividend yield is 2.1% and total yield including stock buybacks is 5.2%.”
Northern Trust Corporation closed on Thursday at $62.86.
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