Northern Trust Upgraded to “Buy” at Goldman Sachs (NTRS)

By Staff,

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Investment manager Northern Trust Corporation ( NTRS ) saw its shares upgraded on Monday by analysts at Goldman Sachs.

The analyst raised its rating on NTRS to "Buy" from "Neutral," citing a recent spike in Forex trading volume, which should drive trading revenues higher in the secon quarter. Goldman also lifted its price target for the stock to $59 to $54.

Norther Trust shares, which had closed at $51.80 on Friday, rose $1.85, or +3.6%, 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 $51.80. 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 3.2 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 Nasdaq, Inc.

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This article appears in: Investing Stocks
Referenced Stocks: NTRS

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