UPDATE: Jefferies & Company Reiterates Hold Rating, Raises PT on Hancock Holding Company

In a report published Monday, Jefferies & Company reiterated its Hold rating on Hancock Holding Company

, and slightly raised its price target from $32.00 to $33.00. Jefferies noted, “We recently met with HBHC executives Carl Cheney (CEO) and Mike Achery (CFO). While we came away modestly more positive on the near-term earnings outlook, earnings improvement is generated by an increase in accretable yield, whose temporary nature limits earnings growth as it rolls off in ‘14. Expenses should also be tightly controlled headed into '13 as the company shifts its focus from merger saves to operating efficiencies.” Hancock Holding Company closed on Friday at $30.22.