Deutsche Bank analyst Matt O’Connor upgraded PNC Financial to Buy from Hold with a price target of $190, down from $200. The analyst believes new lows seem likely for U.S. bank stocks but says PNC will remain among the most defensive in the group given its "strong" credit underwriting, strong capital allocation decisions and consistently solid cost control. The shares trade at a 20% premium to consensus but closer to 10% on Deutsche’s estimates, which seems "fair/attractive" given the current backdrop and long track record of execution, O’Connor tells investors in a research note.
Published first on TheFly
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