KBW raises PNC's PT as operating leverage, fee strength improve

Keefe, Bruyette & Woods raises PT on lender PNC PNC.N to $247 from $228

New PT is 10.6% upside to stock's last close

Brokerage cites faster operating leverage gains, higher capital markets activity

Says M&A remains possibility due to well-documented benefits of scale, but until that materializes, brokerage expects focus will be on execution

Acquisition of FirstBank could be viewed as appetizer until something more meaningful presents itself, but in interim focus remains on achieving positive operating leverage, brokerage says

18 of 24 brokerages rate stock "buy", 5 "hold" and 1 "sell"; their median PT is $245 - data compiled by LSEG

Including session's move, PNC up 10.9% in last 12 months