BofA analyst Ebrahim Poonawala moves to No Rating on Synovus (SNV) after the company agreed to merge with Pinnacle Financial (PNFP) in an all-stock deal to create a $100B Southeast bank. With the Southeast and Texas emerging as desired areas for M&A-led expansion, the analyst argues that the Street will “likely be closely watching the stock reactions” as the ability of M&A to generate alpha is “scrutinized.”
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Read More on SNV:
- Pinnacle Financial downgraded to Hold from Buy at Jefferies
- Pinnacle Financial price target lowered to $120 from $140 at Citi
- Synovus downgraded to Equal Weight from Overweight at Wells Fargo
- Pinnacle Financial price target lowered to $110 from $125 at Wells Fargo
- Pinnacle Financial downgraded to Equal Weight from Overweight at Stephens