RBC Notes TBV Growth as PNC Target Lifts to $273
Positive TBV growth and an uphill price target from a credible bank analyst suggest upside momentum; likely to attract buyers on pullbacks.
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Positive TBV growth and an uphill price target from a credible bank analyst suggest upside momentum; likely to attract buyers on pullbacks.
What happened, with direct paths to the underlying reporting
RBC Capital Markets highlighted a TBV-driven growth trajectory for PNC after the quarter, with Cassidy lifting the price target to $273 and maintaining an Outperform rating. The bank reported record revenues, NII and fee income, reinforcing the TBV expansion thesis via accretive TBV-related acquisitions. The stock sits near resistance but could trend higher if TBV-based growth persists and dividend growth remains attractive.
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