Takeaways from Mgmt Fireside Chat After Today's Surprising Downside

研报英文原文证据摘录

Takeaways from Mgmt Fireside Chat After Today's Surprising Downside

H O T C O M M E N T

J u n e 9 , 2 0 2 6

Pinnacle Financial Partners, Inc. (PNFP) Overweight

CONCLUSION PRICE: US$95.20

PNFP Presents at Competitor Conference, Downside in Shares Feels Misplaced - Our TARGET: US$122.00

view of the updates given for both 2Q26 and FY26 expectations was modestly positive. Our PT is ~10.5x our 2027E EPS.

We see the update as positive to fwd earnings estimates overall - with strength in loans

and relative NIM stability leading to positive NII trends, and expenses and credit costs Stephen Scouten, CFA

Managing Director, Piper Sandler & Co.both better than expected. That said, it seems the market focused more on the 2Q26 404 442-2882, stephen.scouten@psc.com

revenue guide (below current consensus) as well as FY26 which was revised to below the

Jackson Andrew

mid-point. This lower range is mainly driven by changes in the BHG sale platform, which Research Analyst, Piper Sandler & Co.

was previously disclosed. Today's ~2.5% underperformance seems unwarranted given 404 442-2859, jackson.andrew@psc.com

that overall EPS estimates should be flat/up, and the shares are trading at a significantly Ashley Aloupis

discounted ~8x 2027E's. We continue to see this as one of the best upside stories in the Research Analyst, Piper Sandler & Co.

mid-cap space. 212 466-7974, ashley.aloupis@psc.com

RISKS TO ACHIEVEMENT OF

PT & RECOMMENDATION

• Successful Talent Addition and Retention Continues - New talent addition remains Risks include slower growth, integration

one of the key indicators at PNFP, and management's disclosures today signaled strong challenges, and a change in industry multiples.

progress. 98 revenue producers have already been hired YTD in 2026, 48 of which