Wells Fargo analyst Mike Mayo reiterated an Equal Weight rating and $110 price target on Northern Trust (NTRS) following the company’s CEO and CFO presentation. The main takeaway was disappointing expense growth commentary relative to 2025 consensus estimates, though 2025 consensus earnings per share might still be salvageable depending on revenue, the analyst tells investors in a research note. The firm noted that Northern continues to struggle with expenses, and while its Wealth Management growth has been okay, the company seems focused on improving growth rates.
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