UPDATE: Wunderlich Securities Downgrades Renasant Corporation to Hold on Corporation

Wunderlich Securities reduced its rating on Renasant Corporation

from Buy to Hold but raised its price target from $18 to $20. Wunderlich Securities noted, "Although we are raising our price target by $2 to $20, RNST shares appear fairly valued at 1.7x TBV/share and 16.6x our 2013 EPS estimate. RNST shares have increased 27% since the end of the second quarter, a period in which the company reported strong 2Q12 results that included robust loan growth across all regions and all loan types. While we expect the company to continue producing strong results in the coming quarters, such growth is largely discounted in the current share price in our opinion, and the lack of a near-term catalyst to drive shares meaningfully higher moves us to the sidelines at this point." Renasant Corporation closed at $19.94 on Friday.