Keefe Bruyette downgraded Northern Trust (NTRS) to Underperform from Market Perform with a price target of $120, up from $103. The firm sees a full valuation following the stock’s recent rally. The recent run in shares has taken out much of the economics for a potential deal, the analyst tells investors in a research note. Keefe points out that since the Wall Street Journal reported on June 21 that BNY Mellon (BK) approached Northern Trust to discuss a possible merger, Northern’s stock has jumped 15$.
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