PNC’s FirstBank deal unlikely to disrupt core business momentum, says Truist

PNC announced the acquisition of FirstBank for roughly $4.1B in a mix of stock and cash, with the transaction aiming to accelerate PNC‘s ongoing organic expansion in Colorado and Arizona with the addition of 95 branches and $23B of deposits in those two states, Truist analyst John McDonald tells investors in a research note. The firm, which maintains a Hold rating and $201 price target on PNC shares, says the deal seems unlikely to disrupt PNC’s core business momentum, existing capital return plans, or ability to do additional M&A.