Jefferies Maintains Buy Rating and $62 PT on PNC Financial Services Group

A report from Jefferies reiterates its Buy rating and $62 PT on PNC Financial Services Group (NYSE: PNC).

The report states, “PNC posted a better-than-expected quarter on strong net interest income (+$27mm Q/Q) and lower loan losses (provision down $19mm). Our '12 estimate moves to $6.00 from $5.85 and our '13 estimate moves to $6.30 from $6.25. Estimate revisions are mainly a function of a higher starting point for earning assets (+$3.3B)."

PNC closed yesterday at $51.33.