Nomura Securities Downgrades PNC Financial (PNC) to Neutral
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Nomura Securities downgraded PNC Financial (NYSE: PNC) from Buy to Neutral on valuation.
Analyst Bill Carcache commented, "Going into 2Q16 results, we saw relative value in PNC and moved to an overweight position versus MTB. PNC has outperformed MTB by 10pp since the end of June. We now believe PNC is fully valued and are downgrading shares to Neutral (from Buy); we remain Neutral on MTB."
Shares of PNC Financial closed at $91.42 yesterday.
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