FIG Partners Has $12 Target On Pinnacle Financial Partners (PNFP)

FIG Partners has a $12 price target on shares of Pinnacle Financial Partners PNFP. In the research report sent to clients, FIG writes, "After five quarters of operating in the red, PNFP's small profit in 3Q10 surprised investors. This profit of $0.02, (which included a modest rise in tangible book value to $10.12 per share and TCE and Tier 1 Common to 7.2% and 9%, respectively), is expected to continue in 4Q10 and into 2011. Better than expected credit performance was the big surprise and importantly, reflects the completion of PNFP's annual regulatory exam. Unlike earlier periods, signs of stabilization have begun to be noted and improvement was seen in nearly every meaningful credit metric. Notably, the C&D book continued to be ratcheted down while nonperforming inflows fell more than 50%."