UPDATE: Wunderlich Reiterates Buy Rating, Raises PT on SCBT Financial

In a report published Monday, Wunderlich Securities reiterated its Buy rating on SCBT Financial Corporation

, and raised its price target from $40.00 to $48.00. Wunderlich noted, “We reiterate our Buy rating on shares of SCBT Financial Corp. (SCBT) and we are raising our price target to $48 from $40 after the company announced the highly accretive acquisition of Savannah, Georgia-based The Savannah Bancorp, Inc. (SAVB-NR) for approximately $67 million in an all-stock transaction that is expected to close in 4Q12. This is the company's second accretive acquisition in the past eight months, proving that SCBT is building a first-class institution in the Carolinas and North Georgia with significant long-term opportunities. In a slow-growth, flat-rate environment, execution is key, and SCBT's management team stands out in this regard vs. other Southern banks.” SCBT Financial Corporation closed on Friday at $38.70.