PNC Financial price target raised to $235 from $222 at RBC Capital

RBC Capital raised the firm’s price target on PNC Financial (PNC) to $235 from $222 and keeps an Outperform rating on the shares. The company’s business model focuses on commercial banking that is supported by an attractive consumer deposit franchise, the analyst tells investors in a research note. Fee-based businesses such as wealth management, mortgage, and investment banking round out its product set, while PNC has also enhanced its organic growth with accretive tangible book value acquisitions, and as a result, over the last 10-years, PNC’s tangible book value and dividends per share growth has been in the top quintile of the top 20 banks, the firm added.