Morgan Stanley analyst Betsy Graseck raised the firm’s price target on PNC Financial to $158 from $142 and keeps an Underweight rating on the shares. The analyst upgraded the large cap bank group to Attractive, saying it looks like Basel endgame “will be lightened.” This opens the door for a significant increase in buybacks, as large cap banks have the highest excess capital levels ever, at a time when the capital markets are rebounding, the analyst tells investors in a research note.
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