DA Davidson analyst Gary Tenner initiated coverage of Pinnacle Financial (PNFP) with a Neutral rating and $110 price target following the close of the Synovus merger. The firm has a favorable long term view of the combination, citing the company’s larger scale in the “vibrant” Southeastern U.S. However, DA thinks Pinnacle is a “show me” story in the near-term given the “negative investor bias” toward mergers of equals and the extended integration timeline.
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