KBW said that it is raising its PT on Northern Trust Corporation NTRS from $47 to $53.
“Heading into 2011, we expect each of the Trust and Custody (T&C) banks should exhibit modestly improved fee revenue trends but the ongoing ultra-low interest rate environment continues to weigh on overall growth and profitability,” KBW writes.
“However, we believe longer-term secular trends remain favorable for the sector and State Street (STT) remains our top pick in the space.”
Northern Trust Corporation closed Wednesday at $54.15.
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