UPDATE: BMO Capital Markets Reiterates Market Perform Rating, Raises PT on PNC Financial Services Group
In a report published Friday, BMO Capital Markets reiterated its Market Perform rating on PNC Financial Services Group (NYSE: PNC), and raised its price target from $64.00 to $67.00.
BMO Capital Markets noted, “EPS has been very volatile at PNC over the past year, marked by numerous special items. The good news is that most of those should not recur in 2013, or at least should be substantially lower (specifically, mortgage put-back provisions, mortgage foreclosure-related expenses, integration costs and TRuPs redemption charges). We were encouraged that core revenue came in better than expected in the fourth quarter despite a difficult operating environment, and management is committed to producing positive operating leverage in 2013 with an increased target of $700 million in continuous improvement initiatives.”
PNC Financial Services Group closed on Thursday at $62.01.
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