Citi analyst Keith Horowitz upgraded PNC Financial (PNC) to Buy from Neutral with an unchanged price target of $175. PNC appears to have been in play for SVB Financial (SIVB), but the deal did not materialize, the analyst tells investors in a research note. The firm believes this puts the bank "in the camp of strong pair of hands." PNC has a number of positives, including larger benefit than most from asset repricing, "clean" asset quality and a strong deposit base, contends the firm. As such, it believes the recent share pullback offers a good opportunity to buy one of the best management teams among the large regional banks.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly
See Insiders’ Hot Stocks on TipRanks >>
Read More on PNC:
- These Bank Stocks Could Beat the Market
- PNC, RBC interest in SVB cools as regulators seek bids, Reuters says
- PNC Financial price target raised to $164 from $150 at Piper Sandler
- Atlantic Union Bankshares names Matt Linderman as chief information officer
- PNC Financial price target lowered to $205 from $210 at Baird