BofA views the announced PNC Financial (PNC) acquisition of Colorado based FirstBank as relatively small, with low-to-no integration risk. That said, the deal provides PNC with density in what are attractive, higher growth markets such as Denver and Phoenix, BofA argues. Deal value may appear rich at first blush but reasonable for a high performing franchise. Overall, the firm sees deal as “not thesis changing” and consistent with PNC’s strategy for pursuing opportunistic bank M&A. BofA reiterates a Buy rating on PNC with a price target of $226 on the shares.
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