Piper Sandler downgraded Pinnacle Financial Partners to Neutral from Overweight with a price target of $98, up from $95. The firm says Pinnacle continues to be one of its few covered banks with year-over-year net interest income growth projected in 2024. With strong new hire activity, this trend should improve further in 2025, the analyst tells investors in a research note. That said, with the shares up over 24% in the last month, Piper sees little upside over the next 12 months. It views the stock’s current valuation as fair.
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