Analyst Upgrades PNC Financial Services Group Inc. (PNC)
By Daniel James Hayden IV
February 03, 2010 11:28 AM
February 03, 2010 11:28 AM
Symbols: PNC
The shares PNC Financial Services Group Inc. (NYSE: PNC) were upgraded from Sector Perform to Top Pick by RBC Capital Markets analyst Gerard Cassidy.
Cassidy was impressed by PNC Financial Services Group's announcement that it planned to to repay $7billion that it received from the federal government's Troubled Asset Relief Program.
Cassidy urged investors to buy PNC Financial Services Group stock because the repayment of TARP funds removes an uncertainty and the company trades at modest levels compared to its peers.
He also increased the price target for the stock, which currently trades around $54, from $48 to $68.
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