UPDATE: Jefferies & Company Reiterates Buy Rating, Lowers PT on PNC Financial Services Group

In a report published Friday, Jefferies & Company reiterated its Buy rating on PNC Financial Services Group (NYSE: PNC), but lowered its price target from $72.00 to $70.00.

Jefferies noted, “We reduce our '13 est. by $0.25 to $6.40 and our '14 est. by $0.15 to $6.50. A higher provision is the primary delta. While the quarter continues a trend of negative EPS revisions, we believe consensus estimates are getting more believable, allowing investors to put a higher multiple on earnings. We believe this re-rating process will continue and remain positive on the name. Our price target moves to $70 (from $72) on our new ests.”

PNC Financial Services Group closed on Thursday at $62.01.