: Citi upgrades PNC as a ‘strong pair of hands’ amid banking woes
Citi analyst Keith Horowitz on Monday upgraded PNC Financial PNC to buy from hold and reiterated its $175 price target as analysts assess the banking landscape after the demise of Silicon Valley Bank SIVB, Signature Bank SBNY and Silvergate Capital SI over the past three days. Horowitz said PNC is part of the banking camp offering “a strong pair of hands” along with buy-rated Wells Fargo & Co. WFC and JPMorgan Chase & Co. JPM. “PNC has a number of positives including larger benefit than most from asset repricing, looks good on our fair value analysis, clean asset quality, and strong deposit base…the recent pullback we believe offers a good opportunity to buy one of the best management teams among the large regional banks,” Horowitz said. Regions Financial RF could be “the clear winner due to granular deposit franchise” as well as Comerica CMA, which “offers the best risk/reward, Horowitz said. PNC stock fell 2.2% in premarket trades.
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