Goldman Sachs Maintains Neutral on PNC Despite Strong Results, Cites Modest FY24 Outlook
Goldman Sachs Maintains Neutral on PNC Despite Strong Results, Cites Modest FY24 Outlook
Goldman Sachs analyst Richard Ramsden anticipates a neutral investor response to PNC Financial Services Group, Inc.'s (NYSE:PNC) stronger results and updated FY24 guidance.
高盛分析师Richard Ramsden预计，纽交所PNC金融服务集团公司的（NYSE：PNC）更强业绩和FY24更新指引将带来中立的投资者反应。
Today, the bank reported a revenue increase of 2% Y/Y to $5.411 billion, slightly missing the consensus of $5.412 billion, while adjusted EPS of $3.30 topped the consensus of $2.98.
今天，该银行报告营收同比增长2％至$54.11亿，略低于$54.12亿的共识，而调整后的每股收益为$3.30，高于$2.98的共识。
For FY24, PNC expects net interest income (NII) to decline 4%, revenue to be down 1%-2% (vs. consensus of roughly unchanged Y/Y), and average loan down less than 1% (vs. Street estimate of flat Y/Y).
对于FY24，PNC预计净利息收入（NII）将下降4％，营收将下降1％-2％（与大致不变的年同比相比） ，平均贷款下降不到1％（与街头预测的平坦年同比相比）。
The analyst says that the third quarter 2024 guidance for NII, fee income, and expenses also suggests a slightly lower pre-provision net revenue (PPNR) compared to consensus.
该分析师表示，第三季度2024的NII，手续费收入和费用指引也表明与共识相比稍低的前拨款净收入（PPNR）。
Overall, the updated FY2024 guidance (at the midpoint) suggests a 2% lower PPNR than the Street, writes the analyst.
总体而言，更新后的FY2024指导（在中点）表明，街头前推款净收入（PPNR）比街头低2％，该分析师写道。
Given the revised rate expectations (potentially 2-3 rate cuts this year), the analyst anticipates management's comments on the assumptions driving the guidance, NII trajectory in H2 2024 and 2025, expense trends, potential for operating leverage, credit outlook, and the likelihood of ongoing reserve releases in the near term.
鉴于修订后的利率预期（可能会有2-3次降息），该分析师预计管理层将对驱动指引的假设、H2 2024和2025年的NII轨迹、费用趋势、潜在的运营杠杆、信用前景以及近期继续进行减值准备的可能性发表评论。
In particular, the analyst anticipate investor inquiries regarding the trajectory towards losses in both consumer and corporate segments, and whether there has been any recent deterioration in credit trends.
特别是，该分析师预计投资者将就消费和企业业务领域的损失趋势，以及最近信用趋势是否出现任何恶化提出查询。
Notably, net charge-offs (NCOs) for commercial real estate (CRE) rose to 1.28%, an increase of approximately 65 basis points Q/Q, prompting management to raise the office CRE reserve ratio from 9.7% to 10.3%.
值得注意的是，商业房地产（CRE）的净核销率（NCO）上升到1.28％，环比增长约65个基点，促使管理层将办公CRE储备比率从9.7％提高至10.3％。
Ramsden rated PNC as Neutral with a price target of $165.
Ramsden将PNC评为中立，目标股价为165美元。
Investors can gain exposure to the stock via IShares U.S. Regional Banks ETF (NYSE:IAT) and Invesco Exchange-Traded Fund Trust II Invesco S&P Ultra Dividend Revenue ETF (NYSE:RDIV).
投资者可以通过 iShares U.S. Regional Banks ETF（NYSE：IAT）和Invesco Exchange-Traded Fund Trust II Invesco S＆P Ultra Dividend Revenue ETF（NYSE：RDIV）获得该股票的股份。
Price Action: PNC shares are up 4.66% at $176.89 at the last check Tuesday.
股价行情：周二最后一次检查时，PNC股价上涨4.66％至176.89美元。
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照片通过Wikimedia Commons