S&P Capital IQ Reiterates its BUY Rating on PNC Financial Services

October 20 00:00 2011

NEW YORK, October 20 (RainbowNewsLine.com) – Analyst Erik Oja of S&P Capital IQ maintains his BUY rating on the shares of PNC Financial Group (NYSE: PNC). The target price is set to $65.

Analyst Erik Oja, in a research note published yesterday mentions that the company reported its Q3 EPS short of the estimates due to lower than expected non-interest income. The analyst cuts down the Q4 and ’11 full year estimates from $1.64 to $1.52 and from $6.51 to 6.33, respectively, given the increased loan loss provision forecast.  PNC maintained high quality Q3 earnings with net interest margins and loan growth better than peers, the analyst says.