UPDATE: Deutsche Bank Downgrades PNC to Hold

Deutsche Bank is out with its report on PNC (NYSE: PNC), downgrading PNC from Buy to Hold.

In a note to clients, Deutsche Bank writes, "PNC shares have outperformed the group by 500bps YTD and by 10% since we upgraded the stock in February 2010 (post the selloff from raising capital to repay TARP). But our 2013/normal estimate is now 10% below consensus (at $6.39 vs. $7.06) given likely downside to previous net interest income expectations and less benefit from capital deployment (impact of RBC/USA deal and what this implies for future deals, new capital requirements & likely prolonged low long-term rates)."

Deutsche Bank lowers its PT on PNC from $73 to $64.

At the time of posting, shares of PNC were trading pre-market at $59,67, down 0.18% from Wednesday's close.