PNC Financial Services Gp: 2Q26 EPS First Look

Research evidence excerpt

PNC Financial Services Gp: 2Q26 EPS First Look

Barclays | PNC Financial Services Gp

K: Barclays Bank PLC and/or an affiliate has received non-investment banking related compensation (including compensation for brokerage services,

if applicable) from PNC Financial Services Gp within the past 12 months.

L: PNC Financial Services Gp is, or during the past 12 months has been, an investment banking client of Barclays Bank PLC and/or an affiliate.

M: PNC Financial Services Gp is, or during the past 12 months has been, a non-investment banking client (securities related services) of Barclays Bank

PLC and/or an affiliate.

N: PNC Financial Services Gp is, or during the past 12 months has been, a non-investment banking client (non-securities related services) of Barclays

Bank PLC and/or an affiliate.

Valuation Methodology: Our price target is $277, based on 13.5x our 2027 EPS estimate of $20.50.

Risks which May Impede the Achievement of the Barclays Research Valuation and Price Target: PNC is currently undertaking several new

initiatives around digital national retail banking, consumer lending, mortgage banking and corporate bank geographic expansion. While credit quality

has performed well, metrics are at all time lows and are expected to normalize in the long-term. In addition, we see incremental risks to its NII and

potential from these much higher credit costs, if the economic environment deteriorates further.

Disclaimer:

This publication has been produced by Barclays Research Department in the Investment Bank of Barclays Bank PLC and/or one or more of its affiliates

(collectively and each individually, "Barclays").

It has been prepared for institutional investors and not for retail investors. It has been distributed by one or more Barclays affiliated legal entities listed