Wells Fargo has recently adjusted its price target for Northern Trust (NTRS), lowering it from $119 to $118 while maintaining an Equal Weight rating on the shares. This adjustment comes as part of a Q1 earnings preview for large-cap banks. Despite being bullish on the sector for the long term due to significant deregulation, Wells Fargo notes that Q1 outlooks may be challenging given current policy uncertainties.
The firm has reduced its estimates by 4% for Q1 and 2% through 2027. The main reason for this adjustment is the “degree of paralysis” caused by policy uncertainty, which has led Wells Fargo to take a more conservative approach towards investment banking, loans, fixed asset repricing, and reserves. Despite this caution, Citi (C) and JPMorgan (JPM) remain top picks for the firm.
This update was first published on TheFly, a leading source for real-time, market-moving financial news. For more real-time updates and market insights, readers are encouraged to visit TheFly.
In conclusion, while Wells Fargo remains positive about the long-term prospects of large-cap banks, they are taking a cautious approach in the short term due to policy uncertainties. Investors are advised to stay informed and stay updated on market developments.
For more information on NTRS and other related topics, readers can visit TipRanks for additional insights and analysis.
Disclaimer & Disclosure: [Link to Disclaimer & Disclosure]
Report an Issue: [Link to Report an Issue]
Stay tuned for more updates on the financial market and stock performance.
