Credit Suisse analyst Susan Roth Katzke lowered the firm’s price target on PNC Financial to $135 from $145 and keeps a Neutral rating on the shares following quarterly results. Looking forward, the firm is reducing estimates to embed less revenue growth, both net interest income and fees, consistent with trends observed in the second quarter.
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Read More on PNC:
- PNC says share repurchase activity in Q3 expected to remain ‘modest’
- PNC Financial says expense control is ‘in focus’
- PNC Financial sees FY23 revenue up 2%-2.5% vs. 2022, consensus $22.02B
- PNC Financial sees Q3 revenue up about 1% vs. Q2, consensus $5.46B
- PNC Financial raises quarterly dividend 5c to $1.55 per share