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Jefferies downgrades Northern Trust to 'hold' from 'buy'

Jefferies LLC analyst Ken Usdin downgraded Northern Trust Corp.'s stock rating to "hold" from "buy," with a price target of $91.

According to Usdin, the company is seeing positive results of its cost control efforts, but the delivery of fee operating leverage is tougher in 2019.

A strong rebound in equity market prices can help abate downside pressure on trust fee growth, which is an upside risk to the company's downgraded rating.

Usdin's EPS estimates for Northern Trust are $6.61 for 2018, $6.35 for 2019 and $7.00 for 2020.