6. PNC Financial (PNC)
PNC's mortgage business saw a 14% gain in its mortgage business in the fourth quarter versus 2010, though it still ranked just 17th in the quarter with just 0.8% market share, according to FBR and trade publication Inside Mortgage Finance.FBR's Miller has an "outperform" rating on PNC and he recently increased his price target to $68 from $60 following the bank's fouth quarter earnings release. PNC reported a significant earnings miss due to one-time charges related to a potential foreclosure settlement and the calling of trust-preferred securities. However, Miller believes the real story behind this earnings release was the guidance management provided surrounding its acquisition of the Royal Bank of Canada's U.S. operation for $3.45 billion. "Taking into account management's guidance for mid-high single digit percentage increases in revenue combined with mid-single-digit increases in expenses, we believe consensus operating estimates need to rise from their current level near $6.30," Miller wrote.
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