Nomura Securities Starts PNC Financial (PNC) at Buy, $72 PT
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Price: $256.97 +0.69%
Rating Summary:
22 Buy, 13 Hold, 2 Sell
Rating Trend:
Down
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Rating Summary:
22 Buy, 13 Hold, 2 Sell
Rating Trend:
Down
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
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Nomura Securities initiates coverage on PNC Financial (NYSE: PNC) with a Buy. PT $72.00.
Analyst Keith Murray comments, "PNC has evolved into a top 10 U.S. bank (by assets and deposits) through a combination of key acquisitions (e.g., National City in 2008) and organic growth. We expect PNC’s core franchise to perform well in 2013, as loan growth and solid fee revenue lead to a modest increase in revenue. In addition, we expect PNC to post 700bps of positive operating leverage, as some of the expense noise from 2012 (e.g., integration costs) shrinks or goes away, and we expect PNC to reach its 8.0-8.5% Basel III T1C target by the end of 2013. The stock trades at a discount to the group on both a P/B and P/E basis, and we do not think investors have baked in high expectations. FY13E EPS at $6.47; FY14E EPS at $6.82."
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 $63.19 yesterday.
Analyst Keith Murray comments, "PNC has evolved into a top 10 U.S. bank (by assets and deposits) through a combination of key acquisitions (e.g., National City in 2008) and organic growth. We expect PNC’s core franchise to perform well in 2013, as loan growth and solid fee revenue lead to a modest increase in revenue. In addition, we expect PNC to post 700bps of positive operating leverage, as some of the expense noise from 2012 (e.g., integration costs) shrinks or goes away, and we expect PNC to reach its 8.0-8.5% Basel III T1C target by the end of 2013. The stock trades at a discount to the group on both a P/B and P/E basis, and we do not think investors have baked in high expectations. FY13E EPS at $6.47; FY14E EPS at $6.82."
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 $63.19 yesterday.
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