UPDATE: Stifel Nicolaus Downgrades PNC Financial Services Group to Hold

Stifel Nicolaus reduced its rating on PNC Financial Services Group

from Buy to Hold and removed its $74 price target. Stifel Nicolaus commented, "As a result of the company's 3Q12 earnings reported on Tuesday, we are lowering our EPS estimates to $5.85 and $6.40 from $6.00 and $6.90 for 2012 and 2013, respectively. In addition, we are downgrading the shares to Hold. If we were to apply a P/E multiple of 10.0x to our revised EPS 2013 EPS estimate of $6.40, we would arrive at an intrinsic value of $64 per share – representing just 5% potential upside from current levels." PNC Financial Services Group closed at $60.40 on Tuesday.