Keefe Bruyette analyst David Konrad raised the firm’s price target on PNC Financial to $145 from $125 and keeps an Underperform rating on the shares. The analyst says PNC is a “high quality company with a strong management team that has enjoyed a ‘safe haven’ status through a volatile bank market in 2023.” However, the firm believes the stock’s valuation is “stretched,” trading at a 19% to the group. Keefe believes PNC’s premium valuation will contract in 2024 as peers improve capital levels and says the bank may experience declining consensus estimates due to lower loan growth and declining growth rates in consumer fees.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
See the top stocks recommended by analysts >>
Read More on PNC:
- PNC Financial price target raised to $170 from $138 at Stephens
- PNC Financial price target raised by $23 at BofA, here’s why
- PNC Financial price target raised by $4 at Wells Fargo, here’s why
- PNC Financial just upgraded at Odeon Capital, here’s why
- PNC Financial price target raised by $18 at Piper Sandler, here’s why
