PNC Financial (PNC)

We are initiating our coverage on the shares of <b>PNC Financial Services</b> (<a href=http://www.zacks.com/stock/quote/pnc>PNC</a>) with an Outperform rating. The company&#39;s third-quarter earnings were significantly ahead of the Zacks Consensus Estimate, benefiting from strong revenue performance, reduced costs and increased clients. <p> The company continues to strengthen its balance sheet with focus on risk and expense management. Application of these strategies should propel PNC Financial forward. Moreover, benefits from the National City acquisition continue to exceed the company&#39;s expectations. <p> On the downside, there will be continued credit-related costs along with dividend payments and regulatory interference associated with TARP in the near term. However, with more than half of the revenues derived from the fees business, we expect the company to enhance income with an improvement in market conditions.

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