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PNC Financial Services noted as top pick at RBC for banks
The RBC price target is $170 and stock is rated outperform
RBC Issued Positive Note on Top U.S. Banks
The top 20 banks’ first quarter results reflected strong year-over-year earnings growth, robust capital positions, strong credit quality, the benefits of higher short term interest rates and lower tax rates and continued expense management.
The expected upside in stock prices should be driven by growth in the industry’s core businesses, increased levels of capital returned to shareholders, and higher interest rates. We think potential appreciation ranges from 20% to 25% for some of the top 20 banks.
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