Oppenheimer Lowers Price Target for PNC; Maintains Positive 2013 Outlook (PNC)
Oppenheimer reported on Tuesday that it has lowered its price target for financial services company, PNC Financial Services(PNC).
The firm reaffirmed its “Outperform” rating for the company, but lowered its price target from $75 to $72. This price target suggests a 22.8% increase over the stock’s current price of $55.60.
Although the firm cut its price target for PNC, analysts from the firm have a positive outlook for the company. The company had a rough year in 2012, but analysts see an increasing stock price in 2013.
An analyst commented, “our positive fundamental view of PNC Financial remains centered on the company’s ability to successfully capitalize on customer and revenue growth opportunities across all of its markets, most notably in the Southeast.”
PNC shares were mostly flat during Tuesday afternoon trading. The stock is down 3.66% YTD.
The Bottom Line
Shares of PNC Financial (PNC) have a 2.88% dividend yield, based on last night’s closing stock price of $55.55. the stock has technical support in the $50-$54 price area. If the shares can firm up, we see overhead resistance around the $58-$60 price levels.
PNC Financial Services(PNC)is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.4 out of 5 stars.
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