Keefe, Bruyette & Woods Downgrades PNC Financial (PNC) to Market Perform; Although We See Long-Term Benefits, We See Near-Term Overhang

Keefe, Bruyette & Woods downgraded PNC Financial (NYSE: PNC) from Outperform to Market Perform. PT cut to $67.

KBW analyst says, "We are downgrading PNC following the announcement to acquire RBC's US Bank. Although this transaction may add value over the long term given the higher growth footprint and PNC's track record of improving revenues, we also believe this deal adds execution risk given largely out-of- footprint branches which have historically underperformed peers. Finally, the accretion from this deal is more than offset by our lower share buyback estimates."

For more ratings news on PNC Financial click here and for the rating history of PNC Financial click here.

Shares of PNC Financial closed at $56.66 yesterday.

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