Argus analyst Stephen Biggar upgraded PNC Financial to Buy with a $98 price target. The analyst said PNC is well positined to benefit from rising rates and it is making progress on a range of strategic initiatives, including expansion in the Southeast and in the Chicago area, where increased brand awareness has led to good growth in both retail and commercial banking. Further, Biggar said the company is benefiting from strong capital levels and a high loan-to-deposit ratio, and from its investment in BlackRock, which provides healthy recurring dividends.