Hovde Group raises PT on Pinnacle Financial to $115

Hovde Group raises price target on regional lender Pinnacle Financial PNFP.O to $115 from $106

New PT represents a 27.6% upside to the stock's last close

Brokerage raises PT citing early success in Synovus Financial SNV.N adopting PNFP's model and success with new hires

In July, PNFP and SNV agreed to combine in an $8.6 billion all-stock deal, forming one of the largest regional banks in the southeastern United States

Hovde analysts now think the PNFP-SNV combination will outperform expectations over time, and the stock’s current discount could narrow as the market sees the benefits of the merger

7 of 14 brokerages rate the stock "buy" or higher and 7 hold; their median PT is $108.50 — data compiled by LSEG

As of last close, PNFP down 21.2% YTD