Raymond James raised the firm’s price target on PNC Financial (PNC) to $225 from $220 and keeps an Outperform rating on the shares. The acquisition of Colorado-based FirstBank represents a relatively full price, but represents a relatively small size of pro forma assets at ~4.6%, the analyst tells investors in a research note. The firm does not expect the deal to disrupt PNC’s organic growth initiatives and does not believe it precludes management from pursuing a larger transaction should an opportunity arise.
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