UPDATE: Credit Suisse Downgrades Hancock Holding Company to Underperform, Lowers PT
In a report published Monday, Credit Suisse downgraded its rating on Hancock Holding Company (NASDAQ: HBHC) from Neutral to Underperform, and lowered its price target from $32.00 to $25.00.
Credit Suisse noted, “We are lowering HBHC to Underperform (from Neutral) partly based on a lower than expected core earnings power excluding accretable yield. A newly disclosed core margin that now excludes both Whitney & Peoples (not just WTNY) is 20-30 bps lower than our prior estimate and creates a larger earnings hole to fill as acquired loans run-off.”
Hancock Holding Company closed on Friday at $31.46.
(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Tags: Credit Suisse