HSBC lowered the firm’s price target on PNC Financial (PNC) to $234 from $257 and keeps a Buy rating on the shares. The firm says markets have “quickly repriced” higher downside macro risk and renewed credit concerns into the U.S. bank stocks. The multi-year return on equity expansion is now “less clearly priced in” for the universal banks, creating opportunities, the analyst tells investors in a research note. As a result, HSBC upgraded both Bank of America and Wells Fargo to Buy.
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