Wells Fargo lowered the firm’s price target on Pinnacle Financial (PNFP) to $110 from $125 and keeps an Equal Weight rating on the shares after the company and Synovus (SNV) announced that they have entered into a definitive agreement to combine in an all-stock transaction valued at $8.6B based on the unaffected closing prices of the two companies as of July 21, 2025. The firm expects dilution to Pinnacle’s superior growth rate with 2-times larger franchise and a different management team now running it.
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