PNC Financial price target raised to $170 from $164 at Wolfe Research

Wolfe Research analyst Bill Carcache raised the firm’s price target on PNC Financial to $170 from $164 and keeps an Outperform rating on the shares. The analyst sees "meaningful opportunities" for generating alpha through stock selection across mid-cap banks and consumer finance. Carcache sees value in pairing bank names with higher earning asset betas better earning asset repricing profiles, lower deposit betas, greater liquidity, and more excess capital against those at the other end of the spectrum. However, it is "too early to turn bullish" on card issuers, says Carcache, who expects further relative underperformance given their outsized exposure to the low-end consumer.