Northern Trust (NTRS) PT Raised to $102 at BofA/Merrill Lynch Following 3Q

BofA/Merrill Lynch raised its price target on Northern Trust (NASDAQ: NTRS) to $102.00 (from $97.00) while maintaining a Buy rating following the company's 3Q earnings release. NTRS reported EPS of $1.20, above the Street's estimates of $1.12, due to a lower tax rate.

Analyst Michael Carrier expects trust, investment and other servicing fees to continue to grow, driven by higher balances and normalizing FX trading following a muted quarter.

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