Deutsche Bank Upgrades PNC Financial (PNC) to Buy, Underperformance Should Reverse

Article Stock Quotes (1) Comments (0)

Deutsche Bank upgraded PNC Financial (NYSE: PNC) from Hold to Buy with a price target of $71.00 (from $63.00).

The firm comments, "PNC shares have underperformed by 1700bps YTD reflecting uncertainty related to purchase accounting accretion (PAA), lack of Basel 3 clarity and several one-time hits. However, we believe these issues have been/will be addressed. PNC recently provided a 2013 estimate for PAA (which seems conservative), we expect more clarity on the Basel 3 path when 3Q results come out, and 2H12 one timers have been telegraphed and we expect cleaner results in 2013. The stock trades at 9.5x our 2013E vs. peers at 10.4x"

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 $62.76 yesterday, with a 52 week range of $44.74-$67.89.

---

Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW

---

*NEW - Download StreetInsider's FREE iPhone and iPad App - Click Here

---

---

You May Also Be Interested In

• Goldman Sachs Upgrades Enbridge (ENB) to Conviction Buy
• Goldman Sachs Removes Williams Companies (WMB) from CL Buy List; Downgrades Williams Partners (WPZ) to Neutral
• AcelRx (ACRX) Target Lifted at Jefferies

Create E-mail Alert Related Categories

Analyst PT Change, Hot Upgrades, Upgrades

Related Entities

Deutsche Bank

Add Your Comment

Name

Subject

Body

Share on Facebook

Verification
can't see the text?
click here to refresh the image.
what's this?