Buckingham analyst James Mitchell reiterated a Neutral rating on Northern Trust and lowered his price target to $112 from $115 following the company's Q4 results. Mitchell tells investors in a research note that while core Q4 EPS beat on higher revenue, much of that was driven by less predictable trading, while fees across custody/fund services and asset management were modestly below. The analyst still views Norther Trust as a differentiated growth story among the trust banks, but at a 30% premium to peers on a P/E basis, even after the sell off, he believes this is mostly priced into the stock.