Penmc (LSE:PNC)
Historical Stock Chart
From Jul 2019 to Jul 2024
![Click Here for more Penmc Charts. Click Here for more Penmc Charts.](/p.php?pid=staticchart&s=L%5EPNC&p=8&t=15)
Hoefer & Arnett Upgrades PNC to NEUTRAL from REDUCE
SAN FRANCISCO, Feb. 7 /PRNewswire/ -- Hoefer & Arnett financial services
analyst Chris Siedman raised his recommendation on PNC Financial (PNC) today to
Neutral from Reduce. Upon announcement that PNC has decided to terminate its
merger with Riggs National, Hoefer & Arnett has increased its 2005 EPS estimate
for PNC from $4.39 to $4.47 and bumped up its 2006 estimate by two cents to
$4.75. However, the broker warned that PNC may be facing legal action on the
part of Riggs and/or its shareholders and is still hamstrung by the slow
economic growth of its footprint. Even still, the broker believes that PNC
shares could reach $57 over the coming 12 months. As of mid-morning today, PNC
shares had fallen by 5.8% since the beginning of the year versus a decline of
only 1.6% for the S&P Bank Stock Index.
http://www.hoeferarnett.com/
Trading (800) 774-8723
All expressions of opinion reflect the judgment of the Research Department of
Hoefer & Arnett, Inc. at this date and are subject to change. We have obtained
information from sources considered reliable, but we do not guarantee that the
foregoing report is accurate or complete. Other departments of Hoefer & Arnett,
Inc may have information, which is not available to the Research Department
about companies mentioned in this report. Hoefer & Arnett, Inc., or its
affiliates may execute transactions in the securities mentioned in this report,
which may not be consistent with the report's conclusions. Hoefer & Arnett,
Inc. may perform investment banking or other services for, or solicit
investment-banking business from any company mentioned in this report.
Partners, officers, employees and accounts controlled by Hoefer & Arnett, Inc.
may own shares of any company mentioned herein.
Hoefer & Arnett Incorporated is a member of the National Association of
Securities Dealers, CRD number 10883.
DATASOURCE: Hoefer & Arnett Incorporated
CONTACT: Chris Siedman, Analyst, +1-203-938-2695 or
, or Miki Morgan, Research Coordinator,
+1-415-362-7111 or , both of Hoefer & Arnett
Incorporated
Web site: http://www.hoeferarnett.com/