UPDATE: J.P. Morgan Raises PNC's PT
According to a research report published this morning, J.P. Morgan has increased PNC's (NYSE: PNC) PT from $76 to $78.
J.P. Morgan commented in the report, "Our travels with PNC management confirmed that C&I loan growth seems to be picking up, as also seen in recent Fed data. PNC has been growing C&I loans strongly over past several quarters, gaining share and outperforming peers. Per PNC's survey of corporate customers, about 70% plan to increase capex spending, about double from a year ago. PNC's earnings should be driven by growth in several loan categories, accretion from RBC acquisition, and decline in credit costs plus near-term from high mortgage banking revenues, similar to peers."
J.P. Morgan maintains its Overweight rating on PNC, which closed yesterday at $65.89.
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