PNC: Promising Growth Strategy, But Stock Fairly Valued, Says Argus

In a report issued today, Argus analyst Stephen Biggar initiated coverage on shares of The PNC Financial Services Group (NYSE:PNC), while no price target was given.

Biggar wrote, “PNC trades at 13-times our 2015 EPS estimate of $7.30, slightly above the peer average, but merited, in our view, by the company’s strong capital levels, high loan-to-deposit ratio, and investment in BlackRock, which provides healthy recurring dividends. However, in the absence of stronger revenue growth, we expect the shares to perform in line with the market in 2015.”



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