Argus Starts PNC Financial (PNC) at Hold

Argus initiates coverage on PNC Financial (NYSE: PNC) with a Hold rating. The firm notes a promising growth strategy, but said the stock is fairly valued.

The analyst comments, "PNC trades at 13-times our 2015 EPS estimate of $7.30, slightly above the peer average, but merited, in our view, by the company’s strong capital levels, high loan-to-deposit ratio, and investment in BlackRock, which provides healthy recurring dividends. However, in the absence of stronger revenue growth, we expect the shares to perform in line with the market in 2015."

For an analyst ratings summary and ratings history on PNC Financial click here. For more ratings news on PNC Financial click here.

Shares of PNC Financial closed at $92.51 yesterday.

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