Argus analyst Stephen Biggar raised the firm’s price target on PNC Financial to $176 from $150 and keeps a Buy rating on the shares. The company’s Q4 earnings beat expectations and 1% rise in average loans, even though net interest margin narrowed amid higher deposit costs, the analyst tells investors in a research note. This trend is expected to continue in 2024, resulting in sluggish revenues, but expected $750M of expense savings initiatives will provide a strong offset, the firm added.
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Read More on PNC:
- PNC Financial (NYSE:PNC) Tanks on Q4 Results
- PNC Financial sees FY24 revenue stable to down 2% vs 2023, consensus $21.44B
- Options Volatility and Implied Earnings Moves Today, January 16, 2024
- PNC Financial reports Q4 adjusted EPS $3.16, consensus $2.94
- PNC Reports Full Year 2023 Net Income of $5.6 Billion, $12.79 Diluted EPS or $14.10 as Adjusted
