Jefferies downgraded Pinnacle Financial (PNFP) to Hold from Buy with a price target of $110, down from $145, following its announced merger with Synovus (SNV) in a merger-of-equals. While Pinnacle has historically traded at a notable premium due to its strong organic growth, the combined company’s larger size, integration risks, and typical deal overhang associated with a merger-of-equals warrants “a more conservative multiple,” the analyst tells investors.
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