UBS raised the firm’s price target on PNC Financial (PNC) to $229 from $224 and keeps a Buy rating on the shares. Bank stocks delivered strong Q2 gains, with share price appreciation outpacing estimate revisions by roughly fivefold, driven by deregulation, improving capital markets activity, and solid loan growth, the analyst tells investors in a research note. The Fifth Third (FITB)/Comerica (CMA) merger may reignite interest in regional banks, particularly if management signals a rebound in middle-market C&I lending and NIM improvement from a steepening yield curve, though selectivity is warranted after the recent rally, the firm says.
TipRanks Cyber Monday Sale
- Claim 60% off TipRanks Premium for data-backed insights and research tools you need to invest with confidence.
- Subscribe to TipRanks' Smart Investor Picks and see our data in action through our high-performing model portfolio - now also 60% off
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on PNC:
- PNC Investments to rebrand as PNC Wealth Management
- PNC Financial price target raised to $240 from $230 at Wells Fargo
- PNC Financial price target raised to $230 from $220 at Evercore ISI
- PNC Financial price target raised to $206 from $186 at Morgan Stanley
- PNC Financial price target raised to $210 from $201 at Truist