RBC Capital analyst Gerard Cassidy lowered his price target on PNC Financial to $150, saying its Q4 results were weaker than expected as fee based revenues tracked below expectations and credit costs were "elevated". The analyst keeps his Top Pick rating on the shares however, anticipating PNC Financial to deliver average loan growth of 3%-4% this year with positive operating leverage. Cassidy adds that the bank is "well positioned for rising interest rates" with its balance sheet more tethered to the short end of the Treasury yield curve, along with continued focus on reducing operating expenses and high levels of recurring revenues.