KBW: 'We Remain Constructive on F.N.B. Corporation (FNB)'; PT Raised to $18.50

Keefe, Bruyette & Woods analyst Kelly Motta raised the price target on F.N.B. Corporation (NYSE: FNB) to $18.50 (from $16.50) while maintaining an Outperform rating.

The analyst commented: "We Remain Constructive on FNB; Meaningful NIM improvement (+16bps q/ q) and a record quarter for fee income drove PPNR 17% higher linked-quarter, contributing to a nice beat (+$0.02/share to KBWe on PPNR and overall). Following the strength of these results, management raised the NII guide post quarter (full guidance table versus KBWe on p2), and we are similar raising our estimates modestly (1-2%) primarily due to upward revisions to spread income. More than anything, we have greater confidence in the outlook given the much higher starting point for margin, and believe there could be additional room for upside with continued execution. Raising PT to $18.50 (from $16.50); reiterate OP after an all-around solid quarter."

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