Seeking Alpha

PNC boosted to Buy at Sandler following earnings

  • About the only green on the screen in the regional bank sector (KRE -0.9%) is PNC Financial (PNC +2.7%) after this morning's earnings beat. Sandler O'Neill is impressed enough to lift its rating to Buy with price target of $93.
  • Boding well for earnings in 2014? $130M remain in repurchase reserves - a number management (on the earnings call) says should come down thanks to settlements with the GSEs.
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