Northern Trust price target lowered to $84 from $85 at Deutsche Bank

Deutsche Bank lowered the firm’s price target on Northern Trust to $84 from $85 and keeps a Hold rating on the shares. The firm revised earnings estimates and price targets midway through Q3 within the brokers, asset managers and exchanges group. The analyst lowered interest rate assumptions modestly, and also marked-to-market Q3 returns. With the recent market selloff and potentially volatile conditions into the upcoming U.S. elections, Deutsche finds the e-brokers as screening most attractively valued for the next 12 months, but also possessing near-term positive catalysts. While Hold-rated across the exchanges, the firm sees the group as next best positioned in the near-term should volatility in equity and fixed income markets persist, given their defensive earnings characteristics in that backdrop scenario.