Pinnacle Financial price target lowered to $97 from $104 at Stephens

Stephens lowered the firm’s price target on Pinnacle Financial (PNFP) to $97 from $104 and keeps an Equal Weight rating on the shares. Despite what it calls an “increasingly attractive relative valuation,” the firm remains on the sidelines given what it sees as heightened execution risk, extended time from close to conversion, and “creating a CAT-IV bank overnight” via the merger with Synovus (SNV).