UPDATE: Morgan Stanley Initiates Coverage on BancorpSouth

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According to a research report published this morning, Morgan Stanley has initiated BancorpSouth
BXS
with an Equal-weight rating and $13 PT. In the report, Morgan Stanley commented,"BancorpSouth has a more troubled loan portfolio than most of the other midcap banks we cover (particularly its real estate construction and development portfolio). It has made considerable progress in reducing credit costs and bringing down NPLs; however, we see only modest earnings upside from further credit improvement as we build in $70 million+ of reserve release in 2012-13." BancorpSouth closed Friday at $13.24.
Posted In: Analyst ColorInitiationAnalyst RatingsMorgan Stanley
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