Pinnacle Financial price target lowered to $94 from $99 at Truist

Truist lowered the firm’s price target on Pinnacle Financial to $94 from $99 and keeps a Buy rating on the shares as part of a broader Q1 earnings recap research note on Regional and Community Banks. The firm now sees Fed funds rate forecast shifting to zero cuts in 2024 and four 25bps cuts in 2025, the analyst tells investors in a research note. Truist adds that its revisions for the bank reflect a slightly lower net interest margin and higher provisioning offset partially by better fee income.