Jefferies Remains Sidelined on PNC Financial Services (PNC) - PT to $94
- Record-setting rally pushes on as S&P ends week up 3 percent
- Trump's Cohn Pick Most Bullish Sign Yet for Banks - Cowen
- Unusual 11 Mid-Day Movers: (IDXG) (INVN) (EBS) Higher; (SCON) (DTEA) (DLTH) Lower (more...)
- 21st Century Fox (FOXA) offers to acquire Sky for GBP10.75/share
- Coca Cola (KO) Announces James Quincey to Succeed Muhtar Kent as CEO; Kent to Continue as Chairman
Get the Pulse of the Market with StreetInsider.com's Pulse Picks. Get your Free Trial here.
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."
Shares of PNC Financial closed at $89.41 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Jefferies Raises Price Target on Broadcom Ltd. (AVGO) to $210 Following 4Q
- MKM Partners Raises Price Target on Hartford Financial (HIG) to $55
- Jefferies Cuts Price Target on GTx, Inc. (GTXI) to $7 Following Enobosarm Trial Results
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst PT Change
Related EntitiesJefferies & Co
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!