JMS Upgrades Pinnacle Financial Partners (PNFP) to Buy
More News related to PNFP
- Pinnacle Financial Receives Preliminary Approval to Participate in the U.S. Treasury Capital Purchase Program
- Pinnacle Financial (PNFP) Applies to Sell $95M in Preferred Stock to the Treasury
- Pinnacle Financial Applies for Funds under U.S. Treasury Capital Purchase Program
- Pinnacle Financial Partners (PNFP) Tops Q3 EPS By 1c
- Pinnacle Financial Reports Record Loan Growth, Strong Asset Quality and Earnings of $0.36 Per Fully Diluted Share for Third Quarter of 2008
More News related to Upgrades
- Parker Hannifin (PH) Buys Brazilian Manufacturer of Connectors and Instrumentation Products
- Lydall (LDL) Acquires DSM Solutech B.V.; Sees Deal Accretive Within First 12 Months
- Parker Hannifin (PH) Acquires Detroit Plasticos e Metais; Sees Deal Accretive After First Year
- Comarco (CMRO) Receives Shareholder Approval to Sell Wireless Test Solutions Assets to Ascom
- Synopsys (SNPS) to Acquire CHIPit Business Unit From ProDesign
Janney, Montgomery, and Scott Upgrades Pinnacle Financial Partners (NASDAQ: PNFP) from Neutral to Buy but lowers their fair value estimate from $27 to $25.
The firm said, "Although we lower our 12-month fair value estimate to $25.00 from $27.00 entirely to reflect lower valuations throughout the banking sector, the implied share price appreciation inherent in our fair value estimate exceeds 20% over the next twelve months. Since achieving its year-to-date high price of $29.29 on April 28, 2008, shares of Pinnacle have decreased over 30.0% versus a decline of 23.8% for the NASDAQ Bank Index over the same period. At 11.0x our 2009 EPS estimate, shares of Pinnacle reflect a modest premium valuation versus peers, but one that is well deserved, in our opinion. As we have stated on numerous occasions, we believe that Pinnacle has one of the best community bank management teams in the country operating in one of the nation’s most favorable markets, and recent share price weakness presents an attractive opportunity for investors to establish positions in this best-in-class community bank."
Pinnacle Financial Partners, Inc. (Pinnacle Financial) is a bank holding company whose primary business is conducted by its wholly owned subsidiary, Pinnacle National Bank (Pinnacle National or the Bank).
Related Categories
UpgradesStocks Mentioned
+0.00Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
