Jefferies Remains Sidelined on PNC Financial Services (PNC) - PT to $94
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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."
Shares of PNC Financial closed at $89.41 yesterday.
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