PNC Financial initiated with a Hold at Truist

Truist initiated coverage of PNC Financial (PNC) with a Hold rating and $215 price target as part of a broader research note launching coverage of U.S. Large-Cap banks. Big banks are positioned to leverage embedded offense, cyclical recovery and capital flexibility to drive organic franchise expansion, double digit EPS growth, and attractive ROTCE – return on tangible common equity – over FY25 and FY26, the analyst tells investors in a research note. PNC Financial is among long-term quality compounders but more fairly valued, Truist states, noting however that it is positive on the cyclical upside leverage to its net interest margins from “mechanical reprice” of low-yielding swaps and bonds, coupled with an emerging organic growth story in expansion markets.