PNC Financial (PNC) PT Lowered to $185 at Keefe, Bruyette & Woods

Keefe, Bruyette & Woods analyst David Konrad lowered the price target on PNC Financial (NYSE: PNC) to $185.00 (from $195.00) while maintaining an Underperform rating.

The analyst commented: "Core Fees Hold Back the Quarter, but Guidance Holds; It was a mixed quarter for PNC with $0.05 better than expected NII, which was more than offset by $0.11 lower core fee income due to capital markets. That said, stronger EOP loan growth coupled with expectations for stronger capital markets growth in the second half of the year enabled management to maintain its full-year earnings guidance. However, we expect continued multiple compression from this stock (12% premium to peers) due to its ROTCE profile."

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