UPDATE - UBS Initiates Coverage on Northern Trust (NTRS) with a Neutral; Quality Franchise Whose Time Will Come

UPDATE - UBS initiates coverage on Northern Trust (Nasdaq: NTRS) with a Neutral rating. PT $40.

UBS analyst says, "NTRS is a well respected personal trust bank, wealth manager, and asset servicer. The bank’s low-risk profile and elevated earnings justify the current market premium to its book. However, we believe anything north of that would be difficult to justify due to challenges growing revenue in this environment."

"Challenging current environment; positioned for improving economy: NTRS is the most susceptible of the group to a tepid market with low rates and equity valuations. Fee revenue volatility for NTRS is more prone to changing equity market valuations and NIM has been pressured by low rates. NTRS will strongly benefit from rising interest rates and equity markets."

To see more ratings on NTRS, Click Here

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