Piper Sandler has adjusted its long-term valuation for Pinnacle Financial Partners (NASDAQ:PNFP), increasing its price target to $122 from $120 and maintaining an Overweight recommendation. The research house cited Pinnacle's fourth-quarter 2025 results and guidance for 2026 as "incremental positives" that support the forward narrative, even as the stock has underperformed since the earnings release.
At the time of Piper Sandler's move, Pinnacle was trading around $95.68 and carried a market capitalization of $14.35 billion. Consensus analyst data places the company at an average rating of 1.84 - categorized as Buy - with individual price targets spanning from $100 up to $135.
Drivers cited by Piper Sandler
The firm raised its earnings per share forecasts to $9.88 for 2026 and $11.70 for 2027, up from prior estimates of $9.81 and $11.40, respectively. Piper Sandler attributed the upward revisions primarily to observed improvements in loan growth trends and expectations for a larger overall balance sheet. Consistent with that view, external aggregated data shows Pinnacle achieved 20.51% revenue growth over the last twelve months, and nine analysts have recently revised earnings expectations upward for the company.
Piper Sandler also emphasized that the success of the merger of equals between Pinnacle Financial and Synovus Financial remains contingent on hiring momentum and the resulting net loan growth. The firm described the fourth-quarter 2025 performances from both legacy franchises as "encouraging" and noted guidance implies continued progress.
Under Piper Sandler's updated valuation, the $122 target equates to roughly 10.5 times the firm's 2027 earnings estimate for Pinnacle Financial Partners.
Recent operating and market developments
Pinnacle's reported fourth-quarter 2025 results were mixed. The company posted EPS of $1.47, well below the consensus forecast of $2.25 - a 34.67% miss versus expectations. Conversely, revenue for the quarter came in at $629.67 million, outperforming the expected $549.2 million by 14.65%.
Following the quarter, several brokerages maintained or adjusted their stances. Raymond James reiterated a Strong Buy rating and kept a $120 price target while increasing its 2027 EPS estimate. Truist Securities raised its price target to $119 from $118 and continued to carry a Buy rating; that move followed the closing of the Synovus merger on January 1, 2026 and relied on updated transaction details and 2026 guidance.
These analyst actions and target adjustments indicate sustained interest from the sell side in Pinnacle's post-merger trajectory and underlying growth dynamics.
What this means for markets and stakeholders
For investors and market participants focused on regional banking, Pinnacle's revenue acceleration and the upward EPS revisions from Piper Sandler suggest improving topline momentum and potential scale gains tied to the recently completed merger. At the same time, the near-term EPS miss highlights execution variables that remain relevant to quarterly performance and investor sentiment. Analysts and institutional investors will likely monitor hiring and net loan growth closely as indicators of how quickly the combined franchise can capitalize on its expanded footprint.