PNC Financial (NYSE:PNC) Has No Short-Term Catalyst

Saying PNC Financial (NYSE:PNC) has no short-term catalyst, UBS doesn't see the stock getting a boost in the near term.

UBS says, "We had assigned the S/T Buy rating in anticipation of better revs this qtr. PNC did beat our rev ests, but higher “clean-up” exps and chargeoffs offset. We no longer see a catalyst for a bounce in the stock. We are decreasing our ’11 est to $5.20 (was $5.35) to reflect higher exps, though still down meaningfully from the 4Q run-rate. We are maintaining our ’12 est of $5.45."

UBS reiterates their "Neutral" rating on PNC Financial (PNC), which closed Friday at $60.83, falling $0.17, or 0.28 percent. UBS did remove PNC from its "Short-Term Buy" rating. They have a price target on PNC of $62.