Morgan Stanley has issued a report downgrading Northern Trust Corp. NTRS to an Equal-Weight Rating.
According to Morgan Stanley, "We are Equal-weight NTRS. We believe management is making the right decision to invest throughout the cycle, but expect the stock will be an in-line performer until the Fed raises rates, which we don't expect until 1Q12. NTRS has less exposure to credit than our traditional banks. Therefore, we don't see improving credit as a bridge that carries EPS growth until rates rise."
NTRS has a $58.00 Price Target and closed at $50.68 on Friday.
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Posted In: Analyst ColorDowngradesAnalyst RatingsAsset Management & Custody BanksFinancialsMorgan StanleyNorthern Trust Corp.
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