Barclays lowered the firm’s price target on Pinnacle Financial (PNFP) to $125 from $140 and keeps an Overweight rating on the shares. The firm updated the company’s model post the merger announcement with Synovus (SNV). This is biggest deal among mid-cap banks in a while and will create $116B “asset powerhouse” in the Southeast, the analyst tells investors in a research note.
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Read More on PNFP:
- Pinnacle Financial Partners Announces Merger with Synovus
- BofA moves to No Rating on Synovus after Pinnacle deal announcement
- Pinnacle Financial downgraded to Hold from Buy at Jefferies
- Pinnacle Financial price target lowered to $120 from $140 at Citi
- Synovus downgraded to Equal Weight from Overweight at Wells Fargo