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BofA moves to No Rating on Synovus after Pinnacle deal announcement

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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