PNC Financial price target raised to $211 from $200 at Piper Sandler

Piper Sandler raised the firm’s price target on PNC Financial (PNC) to $211 from $200 and keeps a Neutral rating on the shares after the company spoke at an industry conference and touched on several topics, including the FirstBank acquisition. Management seems very enthusiastic about the transaction, which gets it immediate scale in CO with the leading branch network, low-cost deposits, strong credit, and the opportunity to cross-sell PNC’s other products into that market. No explicit changes to PNC’s guidance. But if anything, the CEO suggested that PNC edge toward the upper end of the ranges management provided in July. All told, a constructive update, Piper says, though its only estimate changes come from layering in the pending FirstBank transaction into its model.