PNC Financial price target raised to $164 from $162 at Jefferies

Jefferies raised the firm’s price target on PNC Financial to $164 from $162 and keeps a Hold rating on the shares. The firm has moved to forecasting five Fed cuts of 25 basis points through 2025 and believes bank net interest margins will benefit from fixed-rate asset repricing and roll-off of swaps/hedges for many, adding that softer loan growth and higher deposit costs are “the main results of higher-for-longer” in a preview note ahead of results from the bank group.