Quick Take on 2Q26 Earnings Result: Beat and Raise, Favorable Setup if Momentum Holds

研报英文原文证据摘录

Quick Take on 2Q26 Earnings Result: Beat and Raise, Favorable Setup if Momentum Holds

Update

July 16, 2026 12:08 AM GMT

Morgan Stanley & Co. LLCMPNC Financial Services | North America Manan Gosalia

Equity Analyst

Quick Take on 2Q26 Earnings Manan.Gosalia@morganstanley.comBen Bayanfar +1 212 761-4092

Research Associate

Ben.Bayanfar@morganstanley.com +1 212 761-0649

Result: Beat and Raise,

PNC Financial Services (PNC.N, PNC UN)

Large Cap Banks | United States of AmericaFavorable Setup if Momentum

Stock Rating Equal-weight

Industry View Attractive

Price target $278.00Holds Shr price, close (Jul 15, 2026) $254.15

Mkt cap, curr (mm) $101,406

52-Week Range $256.05-176.90

Reaction to earnings

Unchanged Modest upside Modest revision higher

Impact to our thesis Financial results versus consensus Direction of next 12-month

consensus EPS

Source: Company data, Morgan Stanley Research

Guidance raise was better than expected and we see the new

guide as readily achievable: loan growth is running stronger than

expectations, deposit costs fell 5bps Q/Q against industry

competition worries, and the 2Q securities repo (~120bps higher

reinvestment yield) adds a further tailwind to NII.

Our Key Takeaways:

Guidance lifted across the board and better than Street: Revenue guide raised

~2% and expenses ~1.5%, driving a ~1.50% lift to the implied PPNR guide, with the

new outlook now ~2% above consensus for FY26 at the midpoint. Positive operating

leverage embedded in the guide now runs ~450bps vs ~400bps prior. We forecast

~470bps of operating leverage for the year.

Exit rate of NIM reaffirmed driven by fixed asset repricing, securities reposition,

and deposit cost performance.

• NIM was up just 1bp Q/Q to 2.96%, slightly soft relative to expectations,