UPDATE: Wunderlich Securities Maintains Pinnacle Financial Partners Hold, $17 PT
Wunderlich Securities maintained its Pinnacle Financial Partners (NASDAQ: PNFP) Hold rating and $17 price target in a research report published today.
In the report, Wunderlich Securities stated, "Growth in commercial loans and NIB deposits was strong, yielding slight NIM expansion and revenue growth. Asset quality improved for the eighth straight quarter, a trend that we expect to continue in 2012. However, such progress is largely discounted in the current share price, and the lack of a near-term catalyst to drive shares meaningfully higher keeps us on the sidelines awaiting a more attractive point at which to establish new positions."
Shares of Pinnacle Financial Partners closed today at $17.64, up 5.44% from Monday's market close. In aftermarket trading at time of posting, shares were trading down 1.08% at $17.45.
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