Evercore cashes in chips on PNC


Alongside upgrades to Citi and Fifth Third, Evercore removes its Buy rating on PNC Financial (PNC +0.3%). "Ongoing productivity improvements in newer markets [are] unlikely to offset continued spread revenue headwinds and limited expense flexibility," writes analyst Andrew Marquardt. At 11.5x 2014 EPS, valuation isn't unattractive, he says, but mixed near-term fundamentals and the potential for disappointment (his estimates are below consensus) has him moving to the sidelines.

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Comments (2)
  • mister-ugly
    , contributor
    Comments (317) | Send Message
     
    moving to sidelines as PNC in middle of fracking oil which is revenue first and jobs second. PNC out of Pittsburgh with branches throughout oil area. Furthermore PNC investments are still growing. Do your homework and ignore this call. PNC stands to gain as much as any financial institution from location. First rule thumb in real estate business. If you feel oil and gas drilling is about to end and pipelines too sell PNC they are leveraged long term benefits to technology. Strength of PNC is Midwest and east coast.
    16 Dec 2013, 03:07 PM Reply Like
  • mister-ugly
    , contributor
    Comments (317) | Send Message
     
    lets review call of PNC by Evercore "Cashes in Chips," at nearly year end. On Dec 16, 2013 recently "Evercore" upgraded "Citi," and "Fifth Third" and dumped "PNC," was that a smart move? I argued to ignore the call on "PNC," On Dec 16, the stock traded between $75.09 & $75.67 closing @ $75.48. Since that time on Dec 18, the low was put in @ $73.92 closing @ $75.64. Strength of stock is noted on that day. As of today Dec 27, 2013 the stock is up significantly approximately $3.00. In fairness "PNC," resolved "Nat City," litigation for a paltry $35 million when looking @ "JPM," problems resolving @ $13 billion. I did not agree with decision in Justice Department case. However outcome is resolved and problem solved. FITB "Fifth Third," is up from $20.35 @ close to just over $21.00 today. "C" "Citi," @ close Dec 16 was $50.90 and now is $52.35 plus. In review 2 out of 3 calls we're correct for now "PNC" is the winner if you ignored "Evercore,"!
    27 Dec 2013, 12:08 PM Reply Like
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