Hancock Whitney (HWC) PT Raised to $53 at BofA Securities as a New Orleans Reopening Play

March 15, 2021 7:11 AM EDT
Get Alerts HWC Hot Sheet
Price: $44.48 --0%

Rating Summary:
    4 Buy, 2 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 18 | Down: 10 | New: 12
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BofA Securities analyst Ebrahim Poonawala raised the price target on Hancock Whitney (NASDAQ: HWC) to $53.00 (from $45.00) noting shares have underperformed YTD, trading at a sizable discount to peers at 11.5x P/E vs. the 15.8x median for mid-to-small cap peers. The 4.3x P/E discount compares to historical 1.3x discount over the last decade.

The analyst reiterated a Buy rating, stating "On Friday, New Orleans eased pandemic-related restrictions, including the return of live entertainment (shut since Mar ‘20). This occurred following a 90%+ decline in COVID-19 cases since Jan. While a full re-opening in visitor activity is likely a 2H21/1H22 event, we believe that an improving trend could be enough to boost investor sentiment."



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