Pinnacle Financial loses Buy rating at Wunderlich

Analyst Kevin Reynolds takes some chips off the table on Pinnacle Financial Partners (PNFP +0.5%) after a big run for the stock, with a downgrade from  Buy to Hold. Calling it the premier commercial bank with a market-share-moving strategy supporting above-average organic growth, he notes the stock is up 33% over the last six months vs. 23% for an index of Southern banks and 16% for the Nasdaq.

"PNFP’s performance suggests a premium valuation is warranted; however, the current 10% to 15% premium on 2015E EPS appears reasonable, limiting potential upside in the near-term."

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