Piper Jaffray Remains Bullish Following PNC Financial Services' (PNC) 4Q Report
Get Alerts PNC Hot Sheet
Rating Summary:
15 Buy, 17 Hold, 3 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 11 | Down: 12 | New: 9
Join SI Premium – FREE
Piper Jaffray reiterated an Overweight rating and $107.00 price target on PNC Financial (NYSE: PNC) following the company's 4Q15 earnings report. Piper Jaffray is also increasing FY16E EPS to $7.64 from $7.49 and FY17E EPS to $8.31 from $8.19 primarily due to higher net interest income estimates.
Analyst Kevin Barker commented, "We reiterate our Overweight rating and maintain our $107 price target on PNC following 4Q15 earnings. We are also increasing our FY16E EPS to $7.64 from $7.49 and FY17E EPS to $8.31 from $8.19 primarily due to higher net interest income estimates. The higher net interest income estimates reflect slightly higher loan and securities yields, higher purchase accounting accretion (PAA) and slightly lower deposit costs. PNC has seen the heaviest pressure on NIM (net interest margin) over the past two years (down 120 bps) as the bank positioned itself for LCR (liquidity coverage ratio) and accretion income run-off. So, when PNC's 4Q15 NIM moved higher for the first time since 2012, the stock outperformed its peers as it signaled a turning point for PNC."
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 $86.33 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- TechnipFMC (FTI) PT Raised to $30 at BTIG
- W.R. Berkley (WRB) PT Lowered to $89 at BMO Capital
- First Resource Bank (FRSB) Tops Q1 EPS by 43c
Create E-mail Alert Related Categories
Analyst CommentsRelated Entities
Piper Jaffray, EarningsSign 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!