HSBC upgraded PNC Financial (PNC) to Buy from Hold with a price target of $202, down from $206. The shares are down 19% from their late November 2024 highs, creating an attractive entry point to add exposure to a “high quality banking institution with proven discipline around risk and capital allocation,” the analyst tells investors in a research note. HSBC believes PNC is positioned to deliver amongst the strongest revenue and pre-provision growth in the group. The firm also currently prefers super-regionals over universal banks.
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