UPDATE: Wunderlich Securities Upgrades Iberiabank to Buy on Impressive Q3 Results

Wunderlich Securities raised its rating on Iberiabank

from Hold to Buy with a reiterated $55 price target. Wunderlich Securities said, "We are upgrading shares of IBERIABANK (IBKC) to Buy from Hold after the company's 3Q12 operating results of $0.83 exceeded the First Call consensus estimate by $0.18 and our estimate by $0.16. Our upgrade is not based solely on the fact that IBKC exceeded consensus EPS for 3Q12, but rather how the company did it. Clearly, IBERIABANK has shown its ability to achieve strong growth in loans and deposits, but for the first time in a long time, the company reported a meaningful reduction in its efficiency ratio. At current levels, IBKC shares trade at a discount to Southern peers, but we believe these results will begin the process of closing this valuation gap." Iberiabank closed at $45.16 on Tuesday.