UPDATE: Wunderlich Securities Upgrades Pinnacle Financial Partners to Buy, Raises PT on Strong 1Q13 EPS

In a report published Tuesday, Wunderlich Securities analyst Kevin Reynolds upgraded the rating on Pinnacle Financial Partners

from Hold to Buy, and raised the price target from $23.00 to $26.00. In the report, Reynolds noted, “We are upgrading shares of Pinnacle Financial Partners (PNFP) to Buy from Hold and we are raising our price target by $3 to $26 at this time. PNFP reported 1Q13 EPS of $0.39, which beat consensus and our EPS estimate by $0.06/share, as PNFP experienced better than consensus revenue fueled by solid loan growth, continued NIM expansion and strong fee income growth. Credit costs declined as asset quality improved for the 12th straight quarter, and the efficiency ratio improved as well. PNFP shares trade at an unwarranted discount to Southern peers, and we believe current levels offer an attractive entry point for growth oriented investors, hence our upgrade to Buy at this time.” Pinnacle Financial Partners closed on Monday at $21.68.