PNC Financial price target raised to $220 from $200 at Piper Sandler

Piper Sandler raised the firm’s price target on PNC Financial (PNC) to $220 from $200 and keeps a Neutral rating on the shares. The Midwest bank backdrop is “undoubtedly better” following last month’s U.S. elections, and Piper expects large bank mid-quarter updates to reflect this positive sentiment, the analyst tells investors in a research note. The firm says customer health “seems good and is fading as a concern” while the Q4 net interest margin environment is “very strong with good deposit dynamics and a steeper curve.” Piper sees “few apparent holes to poke in the group’s story.”