RBC Capital analyst Gerard Cassidy lowered the firm’s price target on PNC Financial to $167 from $185 but keeps an Outperform rating on the shares. The analyst states that the "excessive" tightening by the Federal Reserve resulting in a "deep recession" in 2023 poses a key risk for the bank as it would bring on elevated levels of credit losses, which would depress earnings. The bank’s credit quality is strong however, and because of its underwriting standards, its credit metrics should allow the bank to outperform its peer group over the next 24 months, RBC states.
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