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Fly News Breaks for January 10, 2019
PNC
Jan 10, 2019 | 07:16 EDT
As previously reported, BofA/Merrill downgraded PNC Financial to Neutral from Buy and cut its price target to $127. Analyst Erika Najarian said PNC's asset management revenues, which account for 30% of fees, pose a risk to near-term outlook. Further, PNC's ownership in Blackrock provides 50% of its asset management revenues, and if Blackrock revenues miss due to weak Q4 markets, there is no offset to the impact in expenses.
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