Northern Trust upgraded to Outperform from Market Perform at BMO Capital

BMO Capital upgraded Northern Trust (NTRS) to Outperform from Market Perform with an unchanged price target of $168. The firm says the takeout risk from last summer has “sharpened management’s focus and raised the stakes for execution.” Northern Trust’s strategy is shifting towards wealth and asset management, which generates higher margins, the analyst tells investors in a research note. BMO believes the bank’s fundamentals look compelling over the medium term.