With earnings power down and demand still weak, Guggenheim Securities analyst Jeff Davis and Marty Mosby have downgraded the valuations for the lenders they cover. Among them is Pinnacle Financial Partners, which Davis now sees going to $14, down from $15. As part of a broad report, Davis wrote this morning that he's also lowering his target for Pinnacle (Ticker: PNFP) to reflect "less consideration of a potential acquisition over the next year given the subdued M&A environment." He has Pinnacle rated 'neutral.'
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