PNC
BofA’s verdict: still a fan
BofA Securities took PNC Financial Services Group’s price target up a notch to $264 from $260 and left its Buy rating in place. That’s Wall Street’s version of saying, “Nice quarter — keep the seats warm.”
Why the firm got happier
The call came after PNC posted first-quarter 2026 adjusted EPS of $4.39, topping BofA’s $4.24 estimate and the $4.21 consensus. The biggest boost came from lower credit costs, which landed 12% below BofA’s forecast and 16% below consensus, plus a lower-than-expected tax rate of 19%.
Not everything was shiny, though. Fee revenue came in softer than expected, missing BofA’s estimate by 2.9% and consensus by 1.4%. So this wasn’t a flawless victory lap — more like a bank quarter with enough good vibes to outweigh the awkward bits.
What investors should watch next
PNC also raised its loan growth guidance to 11% from 8%, though the company expects that growth to come from lower-spread, investment-grade loans. In other words: more lending, but not exactly the high-octane kind that sends bankers skipping through the office.
Big picture: BofA’s higher target suggests the market may keep giving PNC credit for solid earnings discipline and cleaner credit trends, even if fee growth is still playing catch-up.