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PNC

PNC Financial

$130.60

0.8 (0.62%)

06:10
11/06/18
11/06
06:10
11/06/18
06:10

PNC Financial well positioned for regulatory relief, says Piper Jaffray

Piper Jaffray analyst Kevin Barker maintains an Overweight rating on PNC Financial and raised his price target for the shares to $163 from $159 to take into account the capital relief he expects from the Federal Reserve's recently proposed rules. The analyst is also more bullish on PNC's revenue outlook, saying the company is seeing a significant increase in treasury management fees due to a decline in commercial non-interest bearing deposits. The market's sole focus on the shift to interest-bearing deposits from non-interest bearing deposits fails to take into account the offsetting revenue, Barker tells investors in a research note. He calls PNC one of his favorite super-regional banks at this point in the cycle.

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PNC PNC Financial
$130.60

0.8 (0.62%)

10/15/18
10/15/18
UPGRADE
Target $145

Outperform
PNC Financial upgraded to Outperform following selloff at Bernstein
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.
10/15/18
BMOC
10/15/18
NO CHANGE
Target $139
BMOC
Outperform
PNC Financial price target lowered to $139 from $156 at BMO Capital
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.
10/15/18
10/15/18
UPGRADE

On The Fly: Top five analyst upgrades
Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. McDonald's (MCD) upgraded to Outperform from In Line at Evercore ISI with analyst Matt McGinley citing lowered expectations on comps, a pullback in valuation relative to last year, and the more defensive nature of the business model. 2. PNC Financial (PNC) upgraded to Outperform from Market Perform at Bernstein and to Buy from Hold at Deutsche Bank. 3. Ralph Lauren (RL) upgraded to Overweight from Neutral at JPMorgan with analyst Matthew Boss saying the recent pullback in the shares creates a "multi-year opportunity." 4. Activision Blizzard (ATVI) upgraded to Overweight from Equal Weight at Barclays with analyst Ryan Gee saying his positive view is based on upside potential for Call of Duty digital revenue in 2019 from battle royale, as well as optimism for incremental product announcements at BlizzCon "fueling positive revisions" to consensus 2019 earnings estimates. 5. Lululemon (LULU) upgraded to Outperform from Neutral at Wedbush with analyst Jen Redding saying she has long viewed lululemon as an "impressive" growth story, with a best-in-class retail leadership team at the helm, and continues to see the company's cutting-edge data analytics and technology platforms on the forefront of wins in the years to come. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
10/31/18
MSCO
10/31/18
NO CHANGE
MSCO
Morgan Stanley sees BB&T, AmEx as possible winners if Fed changes bank rules
Noting that the Federal Reserve will release a memo detailing proposed changes to bank capital rules to the public around 10 am today and is scheduled to vote on this proposal in a meeting starting at 10:30 am, Morgan Stanley analyst Betsy Graseck said BB&T (BBT) could be the biggest beneficiary with a 5% EPS increase if it is ruled that banks with more than $250B in assets that are not Global Systemically Important Banks should have more tailored regulation. Other potential beneficiaries of possible rule changes include American Express (AXP), Capital One (COF), Northern Trust (NTRS), PNC Financial (PNC) and U.S. Bancorp (USB), Graseck added.

TODAY'S FREE FLY STORIES

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AIMT

Aimmune

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0.73 (3.18%)

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Conference/Events
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AZN

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ALK

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CVS

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KALV

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BCRX

BioCryst

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0.32 (3.69%)

OPTN

Optinose

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0.02 (0.27%)

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ETFC

E-Trade

$48.89

0.65 (1.35%)

04:55
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Conference/Events
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TEX

Terex

$35.29

-0.3 (-0.84%)

19:01
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19:01
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Terex to sell Demag Mobile Cranes business to Tadano for $215M enterprise value »

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  • 25

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CZR

Caesars

$9.05

-0.37 (-3.93%)

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ERJ

Embraer

$20.85

0.17 (0.82%)

, BA

Boeing

$424.05

6.57 (1.57%)

18:11
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Periodicals
Brazilian judge suspends Embraer-Boeing deal talks, Reuters reports »

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ERJ

Embraer

$20.85

0.17 (0.82%)

BA

Boeing

$424.05

6.57 (1.57%)

03/08/13
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BXG

Bluegreen Vacations

$14.47

0.55 (3.95%)

18:02
02/22/19
02/22
18:02
02/22/19
18:02
Earnings
Bluegreen Vacations reports Q4 EPS 27c, consensus 24c »

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SM

SM Energy

$16.88

-0.13 (-0.76%)

17:57
02/22/19
02/22
17:57
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17:57
Recommendations
SM Energy analyst commentary at MUFG »

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AN

AutoNation

$37.22

-1.15 (-3.00%)

17:47
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Syndicate
Breaking Syndicate news story on AutoNation »

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TSLA

Tesla

$294.60

3.42 (1.17%)

, NSANY

Nissan

$0.00

(0.00%)

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TSLA

Tesla

$294.60

3.42 (1.17%)

NSANY

Nissan

$0.00

(0.00%)

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FSFG

First Savings Financial Group

$51.33

0.22 (0.43%)

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MSFT

Microsoft

$110.97

1.5 (1.37%)

17:31
02/22/19
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17:31
Periodicals
Employees demand Microsoft cancel $480M U.S. Army contract, Reuters says »

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ENT

Global Eagle

$2.66

(0.00%)

17:23
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17:23
Hot Stocks
Global Eagle to cut workforce by roughly 15% »

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17:15
02/22/19
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General news
Breaking General news story  »

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NOC

Northrop Grumman

$288.84

2.54 (0.89%)

17:13
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17:13
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Northrop Grumman exec Kalan sells 4,312 common shares »

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LYB

LyondellBasell

$89.14

0.63 (0.71%)

17:07
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TCCO

Technical Comm Corp

$2.76

0.17 (6.56%)

17:06
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Hot Stocks
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INFU

InfuSystem

$4.15

0.04 (0.97%)

17:01
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Hot Stocks
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InfuSystem Holdings…

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KALU

Kaiser Aluminum

$108.22

-1.9 (-1.73%)

17:01
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Kaiser Aluminum names Neal West as new CFO »

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ALDR

Alder Biopharmaceuticals

$14.35

0.19 (1.34%)

17:00
02/22/19
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Hot Stocks
Alder Biopharmaceuticals submits eptinezumab BLA to FDA »

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  • 25

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RF

Regions Financial

$16.24

-0.01 (-0.06%)

16:59
02/22/19
02/22
16:59
02/22/19
16:59
Syndicate
Breaking Syndicate news story on Regions Financial »

Regions Financial files…

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  • 27

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HL

Hecla Mining

$2.59

-0.145 (-5.31%)

16:58
02/22/19
02/22
16:58
02/22/19
16:58
Syndicate
Breaking Syndicate news story on Hecla Mining »

Hecla Mining files to…

03/08/13
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03/08/13
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03/06/13
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03/06/13
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BMY

Bristol-Myers

$50.99

0.84 (1.68%)

, CELG

Celgene

$89.15

0.54 (0.61%)

16:52
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02/22
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16:52
Hot Stocks
Bristol-Myers files proxy statement in connection with proposed Celgene merger »

Bristol-Myers Squibb…

BMY

Bristol-Myers

$50.99

0.84 (1.68%)

CELG

Celgene

$89.15

0.54 (0.61%)

03/08/13
Wedge Partners
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03/06/13
Citigroup
03/06/13
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TEN

Tenneco

$36.29

0.76 (2.14%)

16:48
02/22/19
02/22
16:48
02/22/19
16:48
Earnings
Tenneco sees FY19 revenue growth up 4%-5%, consensus $4.65B »

The company expects 2019…

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TEN

Tenneco

$36.29

0.76 (2.14%)

16:46
02/22/19
02/22
16:46
02/22/19
16:46
Earnings
Tenneco reports preliminary Q4 revenue $4.3B, consensus $4.3B »

Sees FY18 EPS "near…

03/08/13
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