Citi analyst Benjamin Gerlinger lowered the firm’s price target on Pinnacle Financial (PNFP) to $120 from $140 and keeps a Buy rating on the shares. The firm cites integration and operational risk from the proposed merger with Synovus (SNV) for the target cut. Citi expects the weakness in Pinnacle shares to be short-lived given the growth potential of the combined company.
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Read More on PNFP:
- Synovus downgraded to Equal Weight from Overweight at Wells Fargo
- Pinnacle Financial price target lowered to $110 from $125 at Wells Fargo
- Pinnacle Financial downgraded to Market Perform from Outperform at Hovde Group
- Pinnacle Financial downgraded to Equal Weight from Overweight at Stephens
- Cautious Hold Rating on Pinnacle Financial Partners Amid Uncertainty of SNV Acquisition