UPDATE: Raymond James Upgrades Hancock Whitney (HWC) to Strong Buy
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(Updated - December 13, 2019 7:28 AM EST)
Raymond James analyst Michael Rose upgraded Hancock Whitney (NASDAQ: HWC) from Outperform to Strong Buy with a price target of $50.00 (from $44.00).
The analyst comments "We are upgrading HWC shares from Outperform to Strong Buy where we believe its enhanced scarcity value following the FHN/IBKC merger of equals (MOE), opportunities for customer/lender acquisition from said MOE and other M&A in its footprint, and improving capital return story now warrant less of a P/E discount vs. peers (about three turns on 2021E EPS). Moreover, we see further improvement in credit trends resulting in it narrowing the NPA ratio gap vs. peers coupled with our expectation for relatively steady state fundamental performance (in what should be a challenging year for operating leverage for the industry) to benefit shares into 2020."
Shares of Hancock Whitney closed at $42.61 yesterday.
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