Deutsche Bank Raises Price Target on PNC (PNC)

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.

Be sure to visit our complete recommended list of the Best Dividend Stocks, as well as a detailed explanation of our ratings system here.

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