UPDATE: Citigroup Reduces PT to $64 on PNC Financial Services on Weaker NIMs
Citigroup remains Neutral rated in PNC Financial Services (NYSE: PNC) and reduces its price target from $67 to $64.
Citigroup comments, "We reduce our 2013 and 2014 NIM estimates by 3 bps and 10 bps respectively to 3.60% in 2013 and 3.48% in 2014. This compares to 3.90% at the end of 1Q12. …In the hypothetical case that rates remain flat through 2014, we estimate PNC's 2014 estimates could fall by another 4% incremental vs our new estimates."
PNC closed at $58.63 on Thursday.
(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.