Penmc (LSE:PNC)
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Research Alert - PNC Downgraded to 'Reduce' by Hoefer & Arnett
Incorporated
SAN FRANCISCO, May 11 /PRNewswire/ -- Hoefer & Arnett Inc. downgrades PNC
Financial Services (PNC) to "reduce" from Neutral based on weakening earnings
streams, deposit outflow continued -- loans down and lower 2Q earnings estimate
by two cents to reflect the balance sheet restructuring charges. Separately,
Riggs Bank, the Washington D.C. bank PNC is acquiring, recorded a net loss from
continuing operations of $29.5 million or $0.92 per share, for the 1Q.
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. The Analyst certifies that the
views expressed in this research report accurately reflect his personal views
about the subject company and its securities. He also certifies that he has not
been, is not, and will not be receiving direct or indirect compensation related
to his views expressed or any specific recommendations that are contained in
this report. Neither the Analyst nor any member of his family holds a position
in PNC.
Hoefer & Arnett Incorporated is a member of the National Association of
Securities Dealers, CRD number 10883.
DATASOURCE: Hoefer & Arnett Incorporated
CONTACT: Carolyn Ottis of Hoefer & Arnett Inc., +1-415-538-5703
Web site: http://www.hoeferarnett.com/