KBW Raises NTRS Target From $47 To $53

KBW said that it is raising its PT on Northern Trust Corporation (NASDAQ: NTRS) from $47 to $53.

“Heading into 2011, we expect each of the Trust and Custody (T&C) banks should exhibit modestly improved fee revenue trends but the ongoing ultra-low interest rate environment continues to weigh on overall growth and profitability,” KBW writes.

“However, we believe longer-term secular trends remain favorable for the sector and State Street (STT) remains our top pick in the space.”

Northern Trust Corporation closed Wednesday at $54.15.