FMP
Northern Trust Shares Drop 8% on Q4 Miss
Jan 23, 2023 8:03 AM - Davit Kirakosyan(Last modified: Dec 19, 2023 5:49 PM)
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Northern Trust (NASDAQ:NTRS) plunged more than 8% on Thursday after the company reported its Q4 results, with EPS of $0.71 coming in worse than the Street estimate of $1.81. However, there were $0.94 of charges ($265.8 million pretax, $199.1 million aftertax), adding that back equates to EPS of $1.65. Revenue was $1.53 billion, missing the Street estimate of $1.76 billion.
Following the results, several Wall Street analysts lowered their price targets on the company’s stock. Deutsche Bank cut its price target to $90.00 from $95.00 while maintaining a Hold rating. Morgan Stanley cut the price target to $97.00 from $103.00 while maintaining an Equal-weight rating.
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