Morgan Stanley Downgrades NTRS To Equal-Weight

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.