UPDATE: Stifel Nicolaus Upgrades Hancock Holding Company to Buy with $36 PT; Valuation and Recent Underperformance

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Stifel Nicolaus raises its rating on Hancock Holding Company (NASDAQ: HBHC) from Hold to Buy and establishes a $36 price target on shares. Stifel Nicolaus comments, "We are upgrading the shares of Hancock Holding Company to Buy from Hold as current valuations represent an attractive entry point, in our view. With the bulk of the WTNY transaction behind it, we believe the company will be moreoutwardly offensive in realizing revenue synergies and pursuing growth in their markets. We see very little fundamental downside risk as credit continues to remain relatively benign and our $36 target price is 13.4x our 2013 EPS estimate of $2.69, relatively in-line with the company's SE/SW peers."HBHC closed at $29.30 on Monday.

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