Compass Point Upgrades PNC Financial (PNC) to Buy
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Price: $254.55 -0.94%
Rating Summary:
22 Buy, 13 Hold, 2 Sell
Rating Trend:
Down
Today's Overall Ratings:
Up: 12 | Down: 23 | New: 22
Rating Summary:
22 Buy, 13 Hold, 2 Sell
Rating Trend:
Down
Today's Overall Ratings:
Up: 12 | Down: 23 | New: 22
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Compass Point upgraded PNC Financial (NYSE: PNC) from Neutral to Buy with a price target of $61.00.
The firm comments, ". Despite the fact that the results of our analysis imply net interest income contraction in FY14, we believe these concerns are overly discounted following the recent pull-back. Further, we anticipate the full integration of the RBC platform, in conjunction with investments in the asset management and fee generating businesses will enable the bank to generate loan and fee income growth that should exceed peers over the course of the next two years. The stock trades cheap on a P/E basis (8.4x FY13E/9.1x FY14E) due to concerns over the burn-off of accretion income as well as over fears that the company will make another major acquisition. We believe these concerns are overdone."
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 $55.08 yesterday.
The firm comments, ". Despite the fact that the results of our analysis imply net interest income contraction in FY14, we believe these concerns are overly discounted following the recent pull-back. Further, we anticipate the full integration of the RBC platform, in conjunction with investments in the asset management and fee generating businesses will enable the bank to generate loan and fee income growth that should exceed peers over the course of the next two years. The stock trades cheap on a P/E basis (8.4x FY13E/9.1x FY14E) due to concerns over the burn-off of accretion income as well as over fears that the company will make another major acquisition. We believe these concerns are overdone."
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 $55.08 yesterday.
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