Boston, MA 09/24/2014 (wallstreetpr) – Financial advisor, S&P Capital IQ has boosted its price objective on the shares of a financial service provider, Northern Trust Corporation (NASDAQ:NTRS). However, the brokerage has trimmed its earnings estimations for the current fiscal year.
Boosts Price Tag
Analyst Erik Oja has lifted the price objective on the shares of Northern Trust Corporation (NASDAQ:NTRS) by $4 to $70 from $66 projected by him earlier. The price target was arrived based on above-peer 17.8X its forward four quarter earnings estimate of $3.93 a share.
However, S&P Capital IQ has reduced its earnings estimation by four cents a share for the fiscal year 2014 to $3.38 a share from $3.42 a share due to lower interest rates. The analyst, however, has lifted its earnings estimation for the fiscal year 2015 to $4.25 a share from $3.89 a share based on its outlook for improving expense levels.
Oja believes that overall Northern Trust’s leading position in a wealthy market should offer them stability in revenue. It was also well placed to witness its asset servicing business record uptick following the increasing requirements of regulatory obligations for the asset management industry.
The brokerage has kept the rating of Hold on the shares of Northern Trust Corporation (NASDAQ:NTRS).
Other Brokerages
Citigroup Inc (NYSE:C) has initiated a coverage on the shares of Northern Trust on September 24 with a Neutral rating and kept a price tag of $70.00, Benzinga reported.
Two weeks back, Deutsche Bank has maintained its rating of Hold on the company’s shares. However, its price target was $1 higher than Citigroup’s and S&P Capital IQ’s at $71.
Expectations
Northern Trust Corporation (NASDAQ:NTRS) is likely to announce its results for the third quarter on October 14. On average, Wall Street analysts’ are estimating the company to deliver earnings of 87 cents a share on revenue of $1.09 billion. This suggests that analysts are expecting the company to record 14.5% growth in earnings per share on revenue uptick of 4.6%.
Similarly, for the year 2014, analysts are projecting earnings of $3.35 a share on revenues of $4.34 billion.
