** PNC Financial PNC now down ~0.7% from lows after the company reported quarterly earnings and revenue that beat Wall Street expectations but fell from the year-ago quarter; Analysts see forecasts that imply a failure to meet the consensus
** PNC reported adj EPS of $3.16, above Wall Street’s expectation of $2.94, while revenue of $5.36 billion was above the estimate of $5.29 billion, according to LSEG
** In the same quarter last year, PNC reported EPS of $3.47 and revenue of $5.76 billion. In the fourth quarter of 2023, net interest income was 7.6 percent lower than in the same quarter of the previous year at $3.4 billion
** According to Jefferies analyst Ken Usdin, PNC’s Q1 guidance implies potential net sales before provisions (PPNR) of ~$1.88 billion, or ~2% below consensus of ~$1.92 billion
** PNC forecasts average loans to remain stable in Q1 vs. Q4; sees loans increasing by ~1% in 2024 compared to 2023; sees a sales decline of 3-4% q/q for Q1; sees a decline in sales of stable to 2% for 2024 compared to 2023
** PNC sees NII down 2-3% in Q1 vs. Q4; sees NII down 4-5% in 2024 compared to 2023
** PNC last traded at $147.96, versus a median price target of $161, according to the latest data from LSEG
2024-01-16 18:57:52
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