Market Overview

UPDATE: Compass Point Upgrades PNC Financial Services to Buy on Pullback

Share:
Related PNC
Raymond James Initiates Coverage On Bank Of America, PNC And Wells Fargo
Financials Leading The Pack
Bank Stock Roundup: Streamlining & Litigations Continue; Citigroup, Wells Fargo in Focus - Analyst Blog (Zacks)

Compass Point raised its rating on PNC Financial Services (NYSE: PNC) from Neutral to Buy and raised its price target from $59 to $61.

Compass Point noted, "Despite the fact that the results of our analysis imply net interest income contraction in FY14, we believe these concerns are overly discounted following the recent pull-back. Further, we anticipate the full integration of the RBC platform, in conjunction with investments in the asset management and fee generating businesses will enable the bank to generate loan and fee income growth that should exceed peers over the course of the next two years. The stock trades cheap on a P/E basis (8.4x FY13E/9.1x FY14E) due to concerns over the burnoff of accretion income as well as over fears that the company will make another major acquisition. We believe these concerns are overdone."

PNC Financial Services closed at $54.53 on Tuesday.

Latest Ratings for PNC

DateFirmActionFromTo
Mar 2015Raymond JamesReinstatesMarket Perform
Mar 2015CitigroupMaintainsNeutral
Feb 2015Deutsche BankMaintainsHold

View More Analyst Ratings for PNC
View the Latest Analyst Ratings

Posted-In: Compass PointAnalyst Color Upgrades Intraday Update Analyst Ratings

 

Related Articles (PNC)

Around the Web, We're Loving...