PNC: CEO and CFO Presentation Notes

研报英文原文证据摘录

PNC: CEO and CFO Presentation Notes

Equity Research

Flash Comment — June 9, 2026

Large-Cap Banks

PNC Financial Services Group, Inc.

CEO and CFO Presentation Notes Overweight

Price Target: $264.00

Ticker PNC

Our Call Upside/(Downside) to Target 13.7%

PNC's CEO and CFO indicated that 2Q26 fees and NII were trending toward the high end Price (06/09/2026) $232.25

of prior guidance, in a very good operating backdrop. PNC is making a bigger bet on AI 52 Week Range $172.73 - 243.94

than some other banks. Market Cap (MM) $94,061

Source: Company Data, Wells Fargo Securities estimates, and Factset.

Initial Thoughts NA = Not Available, NC = No Change, NE = No Estimate

Favorable commentary on guidance. PNC feels the current operating backdrop is very Mike Mayo, CFA

good, consistent with what we heard during our virtual meeting with the CEO: Takeaways Equity Analyst | Wells Fargo Securities, LLC

Mike.Mayo@wellsfargo.com | 212-214-5300

from CEO/President/CFO for "Bank of Steel". Management indicated 2Q26 revenue

should be near the high end of guidance: NII up ~3%, fees up ~2.5%, total revenue up Christopher Spahr, CFA

~3.5%, which we take to mean 2Q26 could exceed guidance. Expenses were guided up Equity Analyst | Wells Fargo Securities, LLC Christopher.Spahr@wellsfargo.com | 212-214-5301

2.5% and NCOs at $225m (mgt indicated in line).

Robert Rutschow

Equity Analyst | Wells Fargo Securities, LLC

Growth in new markets. PNC highlighted that loan balances from new markets exceeds Robert.Rutschow@wellsfargo.com | 212-214-5302

legacy markets, and management believes that PNC should outgrow H8 loan growth, Hayden Girard, CFA

given more shots on goal that come from its expansion into new markets. PNC has fully Associate Equity Analyst | Wells Fargo Securities, LLC