UPDATE: J.P. Morgan Reiterates Overweight Rating, Raises PT on PNC Financial Services

In a report published Friday, J.P. Morgan & Co. reiterated its Overweight rating on PNC Financial Services

, and raised its price target from $78.00 to $80.00. J.P. Morgan noted, “We rate PNC Overweight relative to peers due to its attractive valuation and multiple drivers of revenue growth. PNC is expanding its business through recent acquisitions of Nat City and RBC's US bank franchise and actively growing fee based businesses including capital markets and treasury management as well as consumer businesses such as credit cards. PNC is trading at 1.4x tangible book, a tad above overall regional banks but should be trading closer to high quality banks given its track record of good revenue growth and conservative risk profile.” PNC Financial Services closed on Thursday at $63.83.