PNC Financial price target lowered to $234 from $240 at Truist

Truist analyst John McDonald lowered the firm’s price target on PNC Financial (PNC) to $234 from $240 and keeps a Hold rating on the shares as part of a broader research note on Regional and Universal Banks. Despite the macro concerns and structural issues that have been dragging down sentiment on bank stocks lately, including war, rates, stagflation, AI displacement, and private credit, the recent updates on the quarter have been fairly positive, and the tone from management teams sounds constructive on the full year ahead, the analyst tells investors in a research note.