PNC's run from the mid 150s last spring to just above 220 now is honestly pretty impressive. You can tell a lot of people weren't expecting this kind of recovery after last year's big dip. That said, I'm leaning cautious bullish from here, looking for a bit more upside to 242.00 over the next several months. It's not going to rip, but the trend isn't screaming overextended yet either.
The big thing pushing me bullish is improving NIM (net interest margin) trends and a loan book that isn't blowing up. Their last couple earnings weren't blowouts, but guidance was steady, and credit quality hasn't become a headline risk like it has for some of the other regionals. Plus, the recent price action since January a pop above 220, slight dip, then bouncing right back feels like there's some underlying support from buyers who sat out last fall.
One thing that does worry me is the rate environment. If the Fed drags its feet, or if recession talk picks up steam, all these financials could get repriced lower. Also, expense management is fine, but not great any uptick there could squeeze EPS and put a cap on multiple expansion.
Keep an eye on their next quarter. If they show even mild deposit growth and stick to their cost targets, I think the stock can grind to 242.00. If not, we might just see dead money for a while, but I don't see a big blowup risk unless the macro backdrop turns hard against them.
