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.
Published first on TheFly
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