Pinnacle Financial price target raised to $132 from $123 at Citi

Citi raised the firm’s price target on Pinnacle Financial (PNFP) to $132 from $123 and keeps a Buy rating on the shares. The company’s Q4 results “are likely to prove modestly underwhelming” versus current expectations, largely driven by outsized deposit growth weighing on net interest margin, the analyst tells investors in a research note. However, Citi finds Pinnacle’s next few year outlook of above-peer lender additions will continue to support its “notably above peer” loan growth trend.” The bank also continues to be well positioned for additional ender adds should in-footprint merger activity increase, contends the firm.