PNC Financial (PNC) Reiterated at Buy by UBS on Potential for EPS Upgrades, Multiple Expansion

UBS analyst Erika Najarian reiterated a Buy rating and $263.00 price target on PNC Financial (NYSE: PNC).

The analyst commented, "There's a concept in tennis of taking the ball "on the rise': that is, addressing the ball on your side of the court after it bounces but before it reaches the apex of the bounce, often resulting in a more aggressive shot. This is what was rattling in our minds after hosting a half day of meetings at PNC headquarters, including CEO Bill Demchak, President Mark Wiedman, CFO Rob Reilly and senior executives across the company's major business lines. PNC is often thought of as "best in class" among regional banks, so our expectations were high coming in. Two critical things to note: 1) it's been awhile since we've been this impressed after meeting a management team (last time we can recall being this positive after seeing management is after meeting with MS in June 2025), and 2) perhaps we've been thinking about valuation all wrong: PNC is an emerging national bank at a (cheaper) regional bank multiple. And, if the company can hit ~20% ROTCE, note that GSIBs trade at 2.7x TBV for consensus '27E ROTCE of 18%, and at 13.6x '27E consensus… which makes PNC's 2.0x TBV valuation and 11.2x P/E look quaint by comparison. We see the potential for both EPS upgrades and multiple expansion, and solid sponsorship from the long only community."

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 $239.92 yesterday.

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