Market Overview

UPDATE: Credit Suisse Reiterates Neutral Rating, Lowers PT on PNC Financial Services

Related PNC
Deutsche Bank: 3 Ways To Buy The Banking Dip
Benzinga's Top Upgrades
Bank Stock Roundup: Restructuring Continues; Fifth Third, Wells Fargo in Focus (Zacks)

In a report published Friday, Credit Suisse Group reiterated its Neutral rating on PNC Financial Services (NYSE: PNC), but lowered its price target from $68.00 to $66.00.

Credit Suisse noted, “While PNC has some levers to pull in terms of earnings growth into next year, including expense declines and the inclusion of the RBC deal, we remain concerned about the drag from declining purchase accounting accretion (PAA) and slower core revenue growth given NIM pressure. However, we expect that expense control could become a focal point if revenues continue to be pressured. We are reducing our price target to $66 (from $68) to reflect 10x our 2013 EPS estimate and 1.2x est. forward tangible book value. We maintain our Neutral rating given our estimated 10% upside to our $66 price target.”

PNC Financial Services closed on Thursday at $59.17.

Latest Ratings for PNC

Oct 2015Hilliard LyonsInitiates Coverage onNeutral
Sep 2015Deutsche BankUpgradesHoldBuy
Sep 2015Keefe Bruyette & WoodsUpgradesUnderperformMarket Perform

View More Analyst Ratings for PNC
View the Latest Analyst Ratings

Posted-In: Credit Suisse GroupAnalyst Color Price Target Analyst Ratings


Related Articles (PNC)

Get Benzinga's Newsletters