Sterne Agee Reiterates Neutral on Pinnacle Financial Partners

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Sterne Agee maintains its Neutral rating on Pinnacle Financial Partners
PNFP
as the company progresses with credit and margin expansion as well as loan growth. Sterne Agee says, "PNFP remains Neutral-rated based on its valuation, but the fundamental outlook keeps getting brighter. Although 4Q11 was generally in-line with expectations, an acceleration in C&I and owner-occupied CRE (“O/O CRE”) growth to 12% Y/Y and 19% LQA in 4Q11 is very bullish for improved profitability and growth in 2012E-2013E. Our 2012E and 2013E EPS of $0.80 and $1.35, respectively, are unchanged and remain solidly above consensus of $0.72 and $1.02." PNFP closed at $16 on Tuesday.
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Posted In: Price TargetReiterationIntraday UpdateMarketsAnalyst RatingsSterne Agee
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