Goldman Sachs lowered the firm’s price target on PNC Financial to $179 from $180 and keeps a Neutral rating on the shares as part of a broader research note previewing Q3 results for America’s Banks. The firm believes that net interest incomes will to continue to fall once again in Q3 by 4% on average, given lagged deposit repricing and ongoing, tepid loan growth, more than outweighing fixed asset repricing, and net interest income that is only expected to inflect in Q2 of 2025, the analyst tells investors in a research note. Concern around charge-offs, in particular credit card and commercial real estate, has moderated in recent months, but reserve builds for banks could continue, Goldman Sachs added.
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