UPDATE: Jefferies Raises PNC's PT
According to a research report published this morning, Jefferies has increased PNC's (NYSE: PNC) PT from $70 to $72.
Jefferies said in the report, “We are increasing our '12 estimate to $6.90 (was $5.85) and our '13 estimate to $6.60 (was $6.45). The outsized jump in '12 is based on the switch to exclude merger and integration charges ($0.46). Excluding this impact, model changes are primarily a result of higher NIM and lower provision assumptions, with some offset in the higher expenses.”
Jefferies maintains its Buy rating on PNC, which is currently trading at $64.17.
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