Jefferies Remains Sidelined on PNC Financial Services (PNC) - PT to $94

September 26, 2016 6:58 AM EDT
Get Alerts PNC Hot Sheet
Price: $117.35 +1.51%

Rating Summary:
    12 Buy, 22 Hold, 1 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 30 | Down: 30 | New: 23
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Jefferies reiterated a Hold rating on PNC Financial Services (NYSE: PNC), and raised the price target to $94.00 (from $88.00), after hosting meetings with management. The new target reflects both the higher EPS estimate and a slight upward tilt in the implied P/E multiple to 12.5x.

Analyst Ken Usdin commented, "We hosted meetings with PNC CFO Rob Reilly. After a multi-year infrastructure upgrade, PNC is looking to the next stages of company growth, with a focus on digital transformation, consumer loan expansion, new market penetration, and tight cost control. These initiatives will take time to show in financials, but they could help put a floor in estimates and should serve PNC well longer-term. We raise '17 EPS to $7.50 on better cost control and PT to $94."

For an analyst ratings summary and ratings history on PNC Financial click here. For more ratings news on PNC Financial click here.

Shares of PNC Financial closed at $89.41 yesterday.

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