Deutsche Bank reported on Tuesday that it has increased its price target on financial services company, PNC Financial Services (PNC).
The firm has maintained a “Buy” rating on PNC, and has raised its price target from $71 to $74. This price target suggests a 10% increase from the stock’s current price of $66.64.
An analyst from the firm commented, “the stock now trades in line with peers and at a modest discount when we factor in the 22% ownership of BlackRock. However, the new mgmt team seems increasingly focused on cutting costs—which we believe will result in lower than expected expenses in 2013 and flattish expenses in 2014/2015 (both likely better than expected).”
PNC shares were up 86 cents, or 1.31% during Tuesday morning trading. The stock has increased 3% in the past year.
The Bottom Line
Shares of PNC Financial Services (PNC) have a 2.41% yield, based on Tuesday morning’s price of $66.50.
PNC Financial Services (PNC) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.4 out of 5 stars.