UPDATE: Compass Point Downgrades PNC Financial to Neutral, Lowers PT to $55

A report from Compass Point downgrades its rating to Neutral and lowers its price target from $82.50 to $55 on PNC Financial

. The report states, “We are lowering our 2011Q4E from $1.47 to $1.25 including the $198M charge related to redeeming TruPs. Excluding this impact we estimate 2011Q4E of $1.50. We are increasing our 2012E from $5.94 to $6.20 and establishing our 2013E at $6.23. Consistent with our view that strong banks are significantly disadvantaged in this low interest rate environment, we believe PNC will only earn a 1% ROA on a core basis in 2013." PNC closed yesterday at $51.33.