Barclays upgraded Pinnacle Financial (PNFP) to Overweight from Equal Weight with a price target of $135, up from $120. The bank is poised to see better growth profiles in 2025 and 2026, and benefit from fixed rate asset repricing, the analyst tells investors in a research note. The firm says Pinnacle is benefiting from past relationship manager hiring entering the “sweet spot of 2-3 years,” and bringing in increased levels of new relationships. It also estimates there could be $7-$8 of tangible book value unlocked in the event of a sale of the BHG Financial subsidiary.
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