Promising Growth and Strategic Merger Position Pinnacle Financial Partners for SuccessWe are upgrading PNFP shares from and establishing an $120 price target heading into the New Year. In conjunction with our Annual Outlook published this morning (link), and with our overarching view that Regional/SMid banks are apt to have their “day in the sun” as the operating backdrop has become increasingly favorable for the banking sector at large, we see the risk-reward as increasingly attractive for PNFP shares beyond the expected 1/1/26 closing of its transformational merger with Synovus (link). To be sure, and along with many investors we speak with, we are/continue to be skeptical of intermediate- to long-term success of the merger, which has clearly been felt in absolute/relative performance of both PNFP/ SNV shares since the deal was announced.