Northern Trust Downgraded at Bank of America/Merrill Lynch (NTRS)

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Investment manager Northern Trust Corporation ( NTRS ) saw its rating cut on Monday by analysts at Bank of America/Merrill Lynch.

The firm downgraded NTRS to "Neutral" from "Buy," noting that recent earnings-per-share run-rates have appeared challenging. The analyst also set a $59 price target on the stock, which had closed at $54.98 on Friday.

Northern Trust shares fell 78 cents, or -1.4%, in premarket trading Monday.

The Bottom Line
We removed NTRS from our "recommended" list on Sept.29, 2008 when the stock was trading at $79.90 a share. The company has a 2.04% dividend yield, based on Friday's closing stock price of $54.98. The stock has technical support in the $47-$48 price area. If the shares can firm up, we see overhead resistance around the $58-$60 price levels. We would remain on the sidelines for now.

Northern Trust Corporation ( NTRS ) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.2 out of 5 stars.

Be sure to visit our complete recommended list of the Best Dividend Stocks , as well as a detailed explanation of our ratings system here .



The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.

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This article appears in: Investing , Stocks

Referenced Stocks: NTRS

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