PNC Financial price target lowered to $163 from $163.50 at JPMorgan

JPMorgan analyst Vivek Juneja lowered the firm’s price target on PNC Financial to $163 from $163.50 and keeps an Overweight rating on the shares. Looking past the earnings reports for the large cap banks, interest rates are staying higher for longer with sticky inflation, with 10 year Treasury yields up 48 basis points to date in Q2, the analyst tells investors in a research note. With higher long- and medium-term rates, banks should benefit from higher reinvestment yields on their fixed rate securities and loan portfolios which should drive growth in net interest income in the second half of 2024, says the firm.