Stephens analyst Terry McEvoy raised the firm’s price target on PNC Financial to $200 from $185 and keeps an Equal Weight rating on the shares. PNC started the Q3 earnings season with EPS and pre-provision net revenue 6.4% and 4.4% above consensus, respectively, the analyst tells investors in a research note. Despite the bank’s peer-leading valuation, management said they see limited value in pursuing a bank acquisition today, which is a different message from the past and likely reflects a limited number of distressed situations, the firm notes.
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