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United States of America

US : The PNC Financial Services Group, Inc. - PNC | 4Q20 Follow-Up: Maintain '22 EPS Estimate, Market Perform Rating

    Contributors
    Joseph Yanchunis
    Carl-Harry Doirin
    CGS-CIMB
    15 January 2021
    Published byCGS-CIMB

    We are maintaining our Market Perform rating on PNC shares following 4Q20 results that handily exceeded our forecasts/consensus fueled by a net reserve release. Moreover, core pre-tax, pre-provision income (PTPPI) also exceeded expectations fueled by strength in capital markets-related income (sign