Piper Jaffray Upgrades Pinnacle Financial Partners (PNFP) to Overweight

Piper Jaffray upgraded Pinnacle Financial Partners (NASDAQ: PNFP) from Neutral to Overweight with a price target of $60.00 (from $51.00).

Analyst Peyton Green commented, "We are raising our 2016E-18E EPS and our rating to Overweight to reflect: (1) the inclusion of Avenue Financial Holdings (AVNU) acquisition completed on 7.1.16 and (2) the continuation of strong hiring activity in 2Q16, after record hiring activity in 1Q16. Based on our grass roots work, the integration of AVNU (3Q16) seems to be off to a very good start, and we believe that hiring activity since 1Q16 merits an increase in organic asset growth to 14% vs. 12-13% previously for 2017E-18E. We are raising our price target to $60, or 17x (+2x) 2017E, which is a discount to the 5Y average FY1 P/E of 18.5x."

For an analyst ratings summary and ratings history on Pinnacle Financial Partners click here. For more ratings news on Pinnacle Financial Partners click here.

Shares of Pinnacle Financial Partners closed at $50.24 yesterday.

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