BMO Capital analyst Lana Chan lowered her price target on PNC Financial to $139 to reflect the 6% decline in its stock price from the bank's "low-quality" Q3 EPS beat, but also sees it as an "over-reaction" given its solid pre-provision net revenue growth. The analyst further attributes the price target change to a "more conservative multiple" from the bank's late-cycle valuation but also keeps her Outperform rating. Chan notes that the new implied valuation puts PNC in line with its peers even though its profile of positive operating leverage, greater capital return, and insulation from any potential downturn deserves a premium.