In a recent move, Morgan Stanley analyst Betsy Graseck adjusted the price target for PNC Financial (PNC, Financial), reducing it slightly from $179 to $178. Despite the revision, the Underweight rating on the stock remains unchanged. The adjustment comes in the wake of PNC's first-quarter earnings report, which revealed a 4% beat in earnings per share (EPS).
The earnings beat was primarily attributed to reduced provisions, suggesting a more favorable credit landscape for the financial institution. Alongside the earnings announcement, PNC reaffirmed its fiscal year guidance, providing a stable outlook for the upcoming quarters.
Investors and market watchers will likely keep a close eye on how PNC navigates the remainder of the fiscal year, especially in light of the adjusted price target. The firm's consistent guidance underscores its strategic positioning amidst changing market conditions.
Wall Street Analysts Forecast
Based on the one-year price targets offered by 18 analysts, the average target price for PNC Financial Services Group Inc (PNC, Financial) is $197.23 with a high estimate of $257.00 and a low estimate of $171.00. The average target implies an upside of 26.93% from the current price of $155.39. More detailed estimate data can be found on the PNC Financial Services Group Inc (PNC) Forecast page.
Based on the consensus recommendation from 23 brokerage firms, PNC Financial Services Group Inc's (PNC, Financial) average brokerage recommendation is currently 2.2, indicating "Outperform" status. The rating scale ranges from 1 to 5, where 1 signifies Strong Buy, and 5 denotes Sell.
Based on GuruFocus estimates, the estimated GF Value for PNC Financial Services Group Inc (PNC, Financial) in one year is $182.91, suggesting a upside of 17.71% from the current price of $155.39. GF Value is GuruFocus' estimate of the fair value that the stock should be traded at. It is calculated based on the historical multiples the stock has traded at previously, as well as past business growth and the future estimates of the business' performance. More detailed data can be found on the PNC Financial Services Group Inc (PNC) Summary page.
