** Brokerage J.P. Morgan cuts PT on U.S. trust banks after tariffs spark trade war fears
** Trims BNY BK.N to $87 from $94, Northern Trust NTRS.O to $110.5 from $118, and State Street STT.N to $91.5 from $108.5
** Says turmoil in the markets due to uncertainty in the economic outlook with tariff trade wars will hurt revenues in their core businesses, servicing and asset/wealth management
** Adds that there should be some offset from higher FX trading revenues in the near term
** Brokerage prefers BNY due to "more diversified revenue mix"; says STT the most exposed among trust banks to the sharp drop in markets because of the higher share of revenues from servicing and asset management
** As of last close, BNY up ~9.6% YTD, NTRS down ~3.7%, and STT down ~8.7%
(Reporting by Ateev Bhandari in Bengaluru)
((ateev.bhandari@thomsonreuters.com))
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