Northern Trust Now a “Conviction Buy” at Goldman Sachs (NTRS)

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Investment manager Northern Trust Corporation ( NTRS ) on Monday saw its shares added to Goldman Sachs' prestigious "Conviction Buy" List.

The firm cited higher forex volatility and a strong balance sheet for the upgrade.

Goldman also noted that NTRS currently sports a best-in-class 8% tangible common equity (vs. 6% for its peers), and it has the lowest risk securities portfolio.

Northern Trust shares were mostly flat 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 2.16% dividend yield, based on Friday's closing stock price of $51.88. The stock has technical support in the $47-$48 price area. If the shares can firm up, we see overhead resistance around the $56 price level. We would remain on the sidelines for now.

Northern Trust Corporation ( NTRS ) is not recommended at this time, holding a DARS™ Rating of 3.4 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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