Morgan Stanley lowered the firm’s price target on Northern Trust (NTRS) to $125 from $127 and keeps an Equal Weight rating on the shares. The firm, which notes that the S&P 500 shed about 3% and the 10-year UST yield rose greater than 15 basis points in the second half of December, is lowering estimates for client asset levels at trust banks and notes that a higher 10-year yield reduces the capital return outlook.
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