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.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly
See the top stocks recommended by analysts >>
Read More on PNC:
- PNC Financial upgraded to Buy from Hold at Deutsche Bank
- BofA downgrades PNC Financial to Underperform, says EPS defensibility priced in
- PNC Financial downgraded to Underperform from Neutral at BofA
- PNC DECLARES DIVIDEND OF $1.50 ON COMMON STOCK
- PNC Financial price target lowered to $218 from $222 at Barclays