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Chan Starts PNC Financial Services Group (PNC) at OUTPERFORM

July 20, 2010

Lana Chan, senior research analyst in our Financial Institutions Group, has today initiated coverage of PNC Financial Services Group (PNC) with an OUTPERFORM rating.

From Chan's note: "In our view, PNC is well positioned to return to fully normalized earnings power sooner than many of its peers, driven by declining credit costs and operating expenses near term. Longer term, revenue growth should be driven by cross-sell opportunities within the newly acquired National City platform and increased loan growth opportunities. We believe that management's target of reaching fully normalized earnings with a ROA of at least 1.3% by mid-2011 is achievable, even in a slow growth environment."

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