UPDATE: Jefferies & Company Reiterates Buy Rating, Lowers PT on PNC Financial Services Group
In a report published Friday, Jefferies & Company reiterated its Buy rating on PNC Financial Services Group (NYSE: PNC), but lowered its price target from $72.00 to $70.00.
Jefferies noted, “We reduce our '13 est. by $0.25 to $6.40 and our '14 est. by $0.15 to $6.50. A higher provision is the primary delta. While the quarter continues a trend of negative EPS revisions, we believe consensus estimates are getting more believable, allowing investors to put a higher multiple on earnings. We believe this re-rating process will continue and remain positive on the name. Our price target moves to $70 (from $72) on our new ests.”
PNC Financial Services Group closed on Thursday at $62.01.
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Tags: Jefferies & Company