As previously reported, Bernstein analyst John McDonald upgraded PNC Financial to Outperform from Market Perform, with a $145 price target, as he likes the risk/reward following the selloff. Despite the negative revisions, the analyst thinks the stock's big pullback and de-rating create an attractive entry point for a quality bank that has managed credit and capital well, and continues to invest for the long-term. A strong message on operating leverage next year, plus potential good news on CCAR resubmission and the Fed's tailoring of capital/liquidity rules for non-GSIBs could help the stock recover some lost ground to peers over the next few months, the analyst contends.