The Nashville-based regional bank has a market cap of $2.07 billion.
The company has been doing a lot of aggressive hiring of veteran bankers, which could drive growth. It is hiring from mostly mid-market investment banks, specifically SunTrust Robinson Humphrey, Sullivan said.
The firm noted that Pinnacle could gain share from that and the recent closure of the merger with Avenue Financial (AVNU), Sullivan added.
Piper Jaffray increased its price target on the company to $60 from $52.
Shares of Pinnacle Financial Partners closed up by 4.88% to $52.69 on Tuesday afternoon.
Separately, TheStreet Ratings team set this stock at a "buy" with a ratings score of A-. The company's strengths can be seen in multiple areas, such as its robust revenue growth, growth in earnings per share, compelling growth in net income, good cash flow from operations and expanding profit margins. We feel its strengths outweigh the fact that the company has had lackluster performance in the stock itself.
TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
You can view the full analysis from the report here: PNFP