Stephens downgraded Pinnacle Financial (PNFP) to Equal Weight from Overweight with an unchanged price target of $133 following the all-stock merger agreement with Synovus (SNV). The shares will come under additional pressure today near the tangible book value dilution of 9%, the analyst tells investors in a research note. Stephens cites to heightened execution risk and the integration of Synovus for the downgrade.
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