Kevin Reynolds at Wunderlich has cut his rating on shares of Pinnacle Financial Partners to ‘hold’ from ‘buy.’ The move is a valuation call and Reynolds is sticking to his $26 price target. Pinnacle shares (Ticker: PNFP) fell more than 2 percent to $25.41 Wednesday after Reynolds’ move.
Robert W. Baird analyst Mitch Kummetz on Wednesday reiterated his ‘market outperform’ rating and $77 percent on shares of Genesco ahead of the company’s earnings report Friday. Kummetz says there isn’t much room for upside to Genesco’s Q1 numbers but expects — like Avondale Partners’ Mark Montagna — that the company’s performance will pick up over the rest of year. Genesco (Ticker: GCO) ended Wednesday down about 2 percent at $67.59.
Terry Turner wasn't the only bank CEO talking about mergers and acquisitions Tuesday. Shortly after the Pinnacle Financial Partners president and CEO said he's seeing asking prices drop some, the boss of Fifth Third Bancorp told reporters in Cincinnati his team's appetite for deals is back. Kevin Kabat said he isn't yet seeing prices fall into line as much, but wants Fifth Third — which entered Middle Tennessee a decade ago by buying the former Franklin National Bank — to build its network in parts of the 12 states where it does business.
Now that's an upgrade...
Analyst Brian Tanquilut at Jefferies has hiked his rating on shares of Community Health Systems to 'buy' from 'hold.' That's nothing too unusual, but the price target hike accompanying it was: Tanquilut now sees CHS (Ticker: CYH) climbing to $56, up from just $29. Despite the strong run by hospital stocks in recent months, he says there's plenty more in store — in part because companies are saying they "expect to be able to charge the new health care exchanges rates for patient treatment closer to what commercial insurers pay than to the much-lower reimbursements Medicare and Medicaid pay."
Michael Rose at Raymond James has gone the other way with shares of Pinnacle Financial Partners, lowering his rating to 'market perform' from 'outperform.' Pinnacle (Ticker: PNFP) closed Monday trading at $23.22 and is up more than 23 percent in 2013.
Pinnacle Financial Partners has recruited financial consultant James Hundley to be a senior vice president for Pinnacle Asset Management at its Belle Meade office. Hundley comes to Pinnacle from Raymond James Financial Services, which is Pinnacle's partner in fee-based investment management. The University of Tennessee graduate has nine years of experience and also is a volunteer lacrosse coach at Ensworth Middle School.