NTRS - Goldman maps out trends for 2021; cuts STT NTRS and upgrades RJF TROW

Looking at capital markets' prospects in 2021, Goldman Sachs analyst Alexander Blostein takes actions including downgrading two of the three major trust banks as he's "inclined to fade the rally for many rate-sensitive names."Sees three themes overall — (1) consolidation, as benefits of scale help fuel sustainable growth and share gains; (2) increasing velocity of capital from financial sponsors; (3) "potential interest rate head fakes" as Fed fund rate increases are likely years away, "but investor expectations may start to build."In the trust bank sector: Cuts Northern Trust ([[NTRS]] -1.4%) to Sell and State Street ([[STT]] -1.6%) to Neutral.Alternative managers: Takes Ares Management ([[ARES]] +0.1%) off Americas Conviction List due to valuation; keeps ARES as Buy.Traditional managers: Downgrades Janus Henderson Group ([[JHG]] -0.4%) and Franklin Resources ([[BEN]] -1.0%) to Sell; upgrades T. Rowe Price Group ([[TROW]] -0.1%) to Neutral.Brokers: Upgrade Raymond James Financial ([[RJF]] +0.4%) to Buy from Sell and

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Goldman maps out trends for 2021; cuts STT, NTRS and upgrades RJF, TROW