Will This Price Target Cut Hurt PNC Financial (PNC) Stock Today?

Story updated at 9:50 am to reflect market activity.

NEW YORK (TheStreet) -- Credit Suisse lowered its price target for PNC Financial (PNC) to $92 from $95 Thursday, reiterating its "neutral" rating for the stock.

PNC Financial fell -1.3% to $84.06 in morning trading.

The analyst firm also reduced its EPS estimates for the company through 2016, due to net interest income pressure.

Analyst Moshe Orenbuch wrote, "3Q'14 net interest income is expected to be down modestly. Fee income is expected to be stable and non-interest expenses is likely to be up low single digits. Management is guiding to 3Q'14 provision expense of $75-125mm and modest loan growth versus 2Q'14. This will likely result in lower earnings in 2H14 and lower earnings than previously forecasted in 2015 as well."

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Separately, TheStreet Ratings team rates PNC FINANCIAL SVCS GROUP INC as a Buy with a ratings score of A. TheStreet Ratings Team has this to say about their recommendation:

"We rate PNC FINANCIAL SVCS GROUP INC (PNC) a BUY. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. The company's strengths can be seen in multiple areas, such as its increase in stock price during the past year, increase in net income, good cash flow from operations, expanding profit margins and notable return on equity. Although no company is perfect, currently we do not see any significant weaknesses which are likely to detract from the generally positive outlook."

PNC ChartPNC data by YCharts

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Editor's Note: Any reference to TheStreet Ratings and its underlying recommendation does not reflect the opinion of TheStreet, Inc. or any of its contributors including Jim Cramer or Stephanie Link.

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