Macquarie Starts JPMorgan (JPM), Wells Fargo (WFC), Bank of NY Mellon (BK), State Street (STT) at Outperform, Northern Trust (NTRS) at Neutral

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Macquarie's John Moran initiated coverage on a number of Banking stocks Tuesday morning:

• JPMorgan (NYSE: JPM) with an Outperform rating and a $58 price target
  
• Wells Fargo (NYSE: WFC) with an Outperform rating and a $40 price target
  
• Bank of New York Mellon (NYSE: BK) with an Outperform rating and a $34 price target
  
• State Street (NYSE: STT) with an Outperform rating and a $56 price target
  
• Northern Trust (Nasdaq: NTRS) with a Neutral rating and a $56 price target

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